Euro Disney loss triples to £100m

LOSSES at theme park operator Euro Disney tripled last year to e143m (£100m) as visitors spurned a slew of new rides in the face of higher charges.

Overall sales at Europe's biggest tourist attraction, located just north of Paris, stalled at e1.05bn in the year to 30 September. Despite spending an extra e7.4m on marketing, the park failed to increase visitor numbers, which stalled at 12.4m.

Meanwhile, revenues from its hotels and Disney village fell 3% to e405m, and profits from property development slumped from e10.3m to just e1.7m. Overall, the group recorded an operating loss of e23.9m, compared with profit of e132m in 2003.

The dire figures provide scant hope for creditors, who have signed up to a restructuring of the company's e2.4bn debt.

The Walt Disney Company of California, its largest shareholder, has pledged to take up e100m of a e250m rights issue to be held by 31 March.

Financial charges accounted for e106m of last year's loss. Another e57m went to Walt Disney for licence fees and management charges.