Written by Ramesh Irugalbandara
05 Feb, 2015 | 12:03 pm
Walt Disney Co. has pushed back the opening of Shanghai Disneyland until the first half of 2016 from a scheduled start at the end of this year due to an expansion of its plans for the theme park,
The company had earlier set a target of a late 2015 opening but decided to add attractions to the park, a $5.5 billion joint venture with China’s state-owned Shanghai Shendi Group. In April, the firms said they would increase investment in the theme park by $800 million, which would be used primarily to fund additional attractions.
On Tuesday Walt Disney Co’s quarterly profit topped Wall Street’s estimates as its blockbuster animated film “Frozen” heated up home entertainment and toy sales, and visitors flocked to the company’s U.S. theme parks. Disney shares rose 4.4 percent to $98.23 in after-hours trading on Tuesday. The stock reached record highs in recent months on strong performances across its TV networks, theme parks and movie studio.
Each of its five divisions reported higher operating income for the quarter, ended Dec. 27. At Disney’s parks unit, operating income rose 20 percent to $805 million as more people visited its U.S. parks and increased spending on tickets, merchandise, food and drinks.
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