Rising profits reported by Walt Disney

<p>Walt Disney’s profits rose in the first quarter.</p>

Profits rose at Walt Disney during the first quarter of the year, the company has announced in a statement today (May 8th).

It reported a ten per cent rise in its revenues, with sports network ESPN and the box office success of its movie Oz the Great and Powerful cited among the reasons for its success.

The film starred James Franco and has been one of the most popular pictures of 2013 so far.

Barton Crocket, an analyst with brokerage Lazard Capital Markets, explained theme parks have also been a major area of growth for the company, adding: "People have been looking for parks to really step it up. We saw them really step it up in this quarter."

Disney could be set for a profitable period in the coming years as it recently acquired the rights to Star Wars, with new films in the pipeline.

On the back of the rise in its profits, Walt Disney's shares were down by nearly two per cent in today's trading, selling for 64.82 at 15:59 BST.

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