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Hong Kong Disney: First profit in seven years since its opening, Tuesday February 19, 2013
Feb 19 2013, 06:40 AM
Joined: 24-December 06
Member No.: 2,491
Image: The Sun
Edited by : R.E.D @ http://asianuniverse.net/forums/
Hong Kong Disneyland has posted a profit - the first time since its opening in 2005. Managing director Andrew Kam Min-ho said the park recorded a net profit of HK$109 million for the fiscal year ending September, and is now looking into plans for the next stage of expansion. This includes building a new hotel in Penny's Bay after occupancy at existing hotels hit 92 percent last year.
The park earned HK$4.272 billion in revenue, an 18 percent increase over 2011, which comes from the sale of admission tickets, merchandise, and food and beverage, and hotel accommodation. Its expenses totaled HK$3.396 billion, a 9 percent increase compared with 2011. The net finance costs were reduced 89 percent from HK$44 million to HK$5 million, reflecting the conversion of a portion of the government-provided loan into equity during 2012, and an increase in interest capitalized for expansion projects.
"The opening of attractions Toy Story Land and Grizzly Gulch, together with strong sales and marketing strategies, have been the key driver for our growth," Kam said. Its next new attraction, Mystic Point, will open in the middle of this year. It will also increase the park's area by 25 percent. "We are confident that the resort's solid performance, strong financial position and robust growth will continue," Kam said. On ticket price adjustments, he said tourists have been experiencing little or no change because of foreign currency exchange rates. Kam defended the long time it took to turn a profit, pointing to the swine flu and economic crises that limited visitor numbers.
Responding to reports that staff were given low pay adjustments, Kam said there were two salary increases in October and there are plans for a further adjustment this month. He said some staff had received double-digit pay rises while most had "a significant" bonus before the Lunar New Year. A total of 6.7 million people visited the park, an increase of 13 percent from 5.9 million in 2011. Local visitors climbed two percentage points to 33 percent, while international guests dropped two percentage points to 22 percent. Mainland visitors remained unchanged at 45 percent.
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This post has been edited by R.E.D: Feb 19 2013, 06:58 AM
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