The cash conveyor belt that is Disney continues as a strong performance from the Media Networks division has helped the company to increased revenues and profits for the first half of fiscal 2011.
For the second quarter ended 2 April 2011, Disney posted revenues of $9,077 billion, 6% up on those of Q210, and banked $19,793 for the half year, a year on year rise of 8%. Such revenues drove an impressive 25% increase in profits for the H1 period to $2.244 billion. However, the $942 million profit for Q211 represented a 1% slip on that of the previous year.
Of all of the operating divisions of the House of Mouse, Media Networks performed particularly strongly with Media Networks revenues for the quarter increasing 12% to $4.3 billion and segment operating income increasing 17% to $1.5 billion.
Broadcasting revenues were 4% up year on year for both Q2 and H1 to $1.496 billion and $3.073 billion respectively, leading to profits of $1.52 billion and $2.56 billion for the quarter and six month periods. These represent growth of 17% and 28% correspondingly.
The revenue performance was even more striking for cable networks where Disney reaped £2.826 billion for Q2, 17% more cash than in 2010, and $5.894 billion in the half year period, itself up 16% year on year. Operating income at Cable Networks increased $174 million to $1.4 billion for the quarter due to growth at ESPN, ABC Family and the Disney Channels.
Commenting on the results, Robert Iger, President and CEO of The Walt Disney Company said: We are pleased with the underlying quality of our second quarter earnings...There is great creative momentum throughout the company which gives us continued confidence in our ability to grow our businesses.