French theme park operator Euro Disney reported a smaller year net loss today, helped by its recent financial restructuring, though heavy charges and lower visitor numbers still took their toll.
The operator of Disneyland Paris, Europe's most visited tourist attraction, said it had registered 12.3 million visitors to its twin theme parks over the full fiscal year, slightly fewer than the 12.4 million tallied the year before.
And it said it was in negotiations with its labour unions to help control its operating costs after labour rates grew twice as fast as revenues over the same period.
"The objective is to reduce the growth of labour costs while mantaining or even enhancing the guest experience," Chairman Karl Holz said in a statement.
The European outpost of the Walt Disney empire reported a net loss for the year to the end of September of €94.9 million, after a loss of €145.2 million on a published basis the year before, in line with analysts' forecasts.
The company said it had managed to reduce its net loss by about a third thanks largely to the financial restructuring it completed in February.
However its operating loss widened slightly, to €26.9 million from €23.9 million the year before, as labour costs increased.