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Hong Kong Disneyland finally reports profit

A surge in visitor numbers in 2012 helped Hong Kong’s struggling Disneyland finally make a profit - the first time since opening eight years ago.

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Disney characters Mickey and Minnie Mouse welcome visitors during the grand opening day of Hong Kong Disneyland September 12, 2005 in Hong Kong (Photo by MN Chan/Getty Images) (MN Chan/AFP/Getty Images)

A record number of visitors helped Hong Kong's Disneyland to finally turn a profit — the first time since it opened in 2005.

The theme park made about $14 million in the fiscal year ending Sept. 29, 2012, compared with a net loss of $30.5 million the year before, The South China Morning Post reported.

Business at the park, which is 52 percent-owned by the Hong Kong government and 48 percent-owned by Walt Disney Company, was lifted in part due to a 13 percent increase in visitor numbers to a record 6.73 million.

The theme park, the third to be built in Asia and the smallest globally, has been battling lower-than-expected numbers since its opening, the Wall Street Journal reported.

Hong Kong Disneyland Managing Director Andrew Kam said, "It is very encouraging to see the significant improvement" of the theme park's financial performance. 

Analysts told the Wall Street Journal that the financial turnaround could enable the park's backers to develop a more comprehensive long-term expansion plan.

http://www.globalpost.com/dispatch/news/business/130218/hong-kong-disneyland-finally-reports-profit