Disney announces 12% rise in income

The Walt Disney Co said net income rose 12% in the final quarter of 2011, as revenue inched higher amid company cost cutting.

Net income in the three months to December 31 rose to €1.46bn, or 80 cents per share, from €1.30bn, or 68 cents per share, in the same period a year earlier.

The results beat the 71 cents per share expected by analysts polled by FactSet.

Revenue in the company’s fiscal first quarter went up 1% to €10.78bn from €10.72bn.

The revenue figure fell short of the €11.20bn expected by analysts.

Fees paid by distributors of ESPN rose, but advertising revenue at ESPN and broadcast network ABC was flat. Movie studio and interactive media revenue fell.