Media giant Walt Disney Company yesterday reported a net loss for the second quarter following a switch in accounting practice and $1 billion in one-time charges and write-offs.

Thanks to the latter, related to the closure of web portal [WAMN: 30-Jan-01] and the axing of seventy Disney stores, the group posted a net loss of $567 million for Q2, compared to a net income of $77m in the same period last year. Meanwhile, revenue dropped 3.8% from $6.29bn last year to $6.05bn.

However, ignoring these items, the group achieved a 33% rise in profits from $294m (14 cents per share) in Q2 2000 to $391m (19 cents per share) – well ahead of analysts’ expectations of 13 cents.

News source: New York Times