Oriental Land reports record gains
TOKYO — Oriental Land, operator of the Tokyo Disneyland and DisneySea parks near Tokyo, reported record profits last year, despite recessionary headwinds.Net profit rose 40.6% to $27.7 million while operating profit climbed 4.6% to $45.8 million. Gains came mainly from cost cuts, since attendance fell year-on by 5.2% to 25.82 million people. Sales also dropped 4.6% to $406 million. The company said the attendance decline was due to the extraordinarily good figures recorded in fiscal 2008, when the park celebrated its 25th anniversary with special events. For the current fiscal year, Oriental Land is expecting attendance to dip 0.1% and sales to slip 54% to $389.7 million.