Oriental Land Profit Plunges amid Pandemic

Economy

Tokyo, April 28 (Jiji Press)--Oriental Land Co. <4661>, operator of the Tokyo Disneyland and Tokyo DisneySea theme parks, said Tuesday its group net profit dropped at the fastest pace in 19 years in the year ended in March.

Net profit fell 31.1 pct from the previous year to 62,217 million yen as the two theme parks have been shut down since Feb. 29 due to the coronavirus pandemic.

The number of visitors to the parks tumbled 10.9 pct to 29.01 million, its first annual fall in three years and first decline below 30 million in seven years.

Oriental Land saw its sales plunge 11.6 pct to 464,450 million yen and its operating profit dive 25.1 pct to 96,862 million yen.

The company refrained from releasing an earnings projection for the year to March 2021, citing an uncertain outlook as the prospect of reopening the parks is nowhere in sight.

[Copyright The Jiji Press, Ltd.]

Jiji Press