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Disney announces rise in income

The Walt Disney Company has said net income rose 12% in the final quarter of 2011, as revenue inched higher amid company cost cutting.

Net income in the three months to December 31 rose to 1.46 billion US dollars (£917 million), or 80 cents per share (50 pence), from 1.30 billion US dollars, or 68 cents per share, in the same period a year earlier.

The results beat the 71 cents per share expected by analysts polled by FactSet.

Revenue in the company's fiscal first quarter went up 1% to 10.78 billion US dollars from 10.72 billion US dollars.

The revenue figure fell short of the 11.20 billion US dollars expected by analysts.

Fees paid by distributors of ESPN rose, but advertising revenue at ESPN and broadcast network ABC was flat. Movie studio and interactive media revenue fell.

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