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Disney takes $5 billion hit but pandemic impact not as bad as feared

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LOS ANGELES (Reuters) – Walt Disney Co (DIS.N) on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theatres and sporting events across the globe.

Disney’s quarterly profit of 8 cents per share on an adjusted basis beat expectations for a loss of 64 cents, sending the stock up 5% in after-market trade.

The company took a nearly $5 billion charge due to the pandemic and shifting media habits. COVID-19 wiped out $3.5 billion in operating profit in the parks division.

“The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic,” Disney Chief Executive Bob Chapek told analysts. “Most of our businesses were shut down, and this had a huge impact.”

Investors overlooked total revenue that fell short of expectations by nearly $600 million and focused on divisions including parks and its media networks with revenue declines that were not as bad as expected.

The Disney+ streaming service, which had 60.5 million paying customers as of Monday, was a bright spot in the quarter, Chapek said. Disney had reported 54.5 million subscribers as of May 4.

“What we plan to do is invest even more in our content in order to keep that machine cranked and going,” he said.

Combined with Hulu and ESPN+, Disney has attracted more than 100 million streaming customers worldwide since launching its big streaming effort nine months ago. Netflix Inc (NFLX.O), which got a head start in the market when it began streaming 13 years ago, boasts 193 million.

The coronavirus outbreak forced Disney to delay the theatrical debut of movies including the live-action epic “Mulan” about a Chinese warrior.

In a surprise move, Disney said it will release “Mulan” on Disney+ on Sept. 4 for people to watch at home at a cost of $30, and in theaters in markets where Disney+ is not available.

Chapek said the shift was a one-time event and did not represent a shift in strategy.

The decision followed a deal in July between Comcast Corp’s (CMCSA.O) Universal Pictures and cinema chain AMC Entertainment Holdings Inc (AMC.N) to allow the studio to release films directly to consumers after just three weeks in theaters, down from the average three months.

Disney also said it would launch a new international streaming service under the Star brand.

“Investors are looking beyond the tough quarter to continued reopening of parks, while Disney+ is expected to see further growth,” said Investing.com analyst Haris Anwar.

Theme park closures from April to June led to an operating loss of $1.96 billion in the parks and consumer products business. Even as four of its six theme park resorts around the world have opened, social distancing rules have limited attendance.

Demand at profit center Walt Disney World was lower than expected because of the resurgence of coronavirus infections in Florida, Disney Chief Financial Officer Christine McCarthy said.

The media network segment, which includes ESPN and Disney channels, reported a 48% jump in operating income to $3.15 billion.

The direct-to-consumer and international unit, which houses the Disney+ streaming service, reported an operating loss of $706 million, below the $1.06 billion that analysts expected.

Operating income at the movie studio fell 16% to $668 million as many movie theaters remained closed.

Overall revenue fell 42% to $11.78 billion. Analysts on average had expected revenue of $12.37 billion, according to Refinitiv IBES data.

Net loss from continuing operations was $4.72 billion, or $2.61 per share, in the third quarter ended June 27, compared with a net profit of $1.43 billion, or 79 cents per share, a year earlier.

Reporting and photo: Reuters

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Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

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Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

  • Up to 300 guests in theatre-style setup
  • Up to 240 guests for dining and banquet-style events
  • Up to 200 guests for cocktail-style receptions
  • Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

  • A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
  • A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
  • The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

  • Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
  • Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

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BBM expands retail presence with new Hulhumalé outlet

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Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

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Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

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Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.

Further information on retreat formats and dive-inclusive stays is available via the Ataraxis Grand & Spa website.

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