Euro Disney Shows Early First Profit

PARIS -- After a ride every bit as wild as its Space Mountain attraction, Euro Disney posted a net year-end profit of 114 million francs ($22.8 million) Wednesday.

Defying critics of its embattled Disneyland Paris resort, the earnings put the park operator in the black for the first time, a full year ahead of schedule.

Euro Disney's profit for the fiscal year that ended Sept. 30 underscored its dramatic recovery from a year earlier, when it posted a loss of 1.8 billion francs.

However, most of the net profit was attributable to an exceptional gain of 112 million francs from the repurchase of convertible bonds. In the final analysis, the profit was just 2 million francs -- making it more symbolic than anything else.

Still, it was a profit, and it came a year earlier than expected. Euro Disney attributed its good fortune to higher park and hotel revenues, tight cost controls and the positive impact of last year's financial restructuring.

"This has been a landmark year for the company," Euro Disney chairman Philippe Bourguignon said in a statement. "In 1995, we achieved a renaissance."

This time last year, some analysts considered the resort doomed to fail. But it has become the No. 1 tourist draw in France.