Disney profit surges 78 percent on gain from new U.S. tax law

Walt Disney Co, which is buying some of Fox`s film and TV units, reported a 78.4 percent surge in quarterly profit on Tuesday as the media conglomerate recorded a $1.6 billion gain due to recent changes to the U.S. tax law.

Net income attributable to the company rose to $4.42 billion, or $2.91 per share, from $2.48 billion, or $1.55 per share.

Disney`s revenue rose 3.8 percent to $15.35 billion in the first quarter ended Dec. 30, from $14.78 billion a year earlier.

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