Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, November 4, 1998

Disney's net falls but revenues strong

BURBANK, Calif. -- Losses from assorted new ventures and unsuccessful movies hurt Walt Disney Co.'s earnings in the fourth quarter, though revenue remained strong.

For the quarter, Disney earned $296 million, or 14 cents a diluted share, a decrease of 26 percent from the $390 million, or 19 cents per diluted share, earned in the year-ago quarter. Fourth-quarter revenues increased 13 percent from $5.4 billion to $6.1 billion.

A survey of First Call analysts had projected earnings of 15 cents per diluted share.

Report: ANA set to drop 900 jobs

TOKYO -- All Nippon Airways Co. will cut a total of 900 jobs over the next two and a half years, up from 200 job cuts originally planned, the Nihon Keizai Shimbun newspaper reported. The airline is speeding up its restructuring efforts amid falling passenger demand and lower fares, the newspaper said. ANA will reduce its payroll through attrition and early retirement incentives, according to the newspaper.

In other news . . .

FRANKFURT, Germany -- Pfizer Inc. and Hoechst Marion Roussel AG have agreed to make a Pfizer device for inhaling insulin. Biotechnology and drug companies are racing to find less painful ways than injection to deliver insulin and other therapeutic proteins.

See expanded coverage in today's Honolulu Star-Bulletin.
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