Euro Disney losses increase

Euro Disney losses widened by 37% in the year ending September 30, the theme park operator said in Paris today, blaming dwindling tourism and higher operating costs.

The net loss for the full fiscal year increased to £32.42m (€46.34m) from £23.6m (€33.7m) the previous fiscal year.

The result was better than the £38m (€54.3m) loss expected by analysts and the £41.42m (€59.2m) forecast by internal company documents leaked in October.

Chairman and chief executive Andre Lacroix said in a news release that 2003 had been a particularly hard year for tourism across the board.

“The group’s results are a reflection of this atypical year,” Lacroix said, pledging a renewed marketing drive to improve the company’s top line in 2004.

The operator of Disneyland Paris and Walt Disney Studios Park said revenue for the year was £750m (€1.07bn), down 2.1%, reflecting the downturn in European travel and tourism, strikes in France and difficult economic conditions in key markets.

Theme park attendance for the period fell to 12.4 million visitors from 13.1 million the year before, while the occupancy rate at Euro Disney hotels slipped to 85.1% from 88.2%.