In 2017 Avinor completed major development projects while maintaining safe, efficient and punctual operations at the airports. Operating income ended at NOK 11.5 billion, and profit after tax is around half a billion lower than 2016.
– 2017 was an important year for Avinor, as we completed major investment projects. The terminal extensions in Bergen and Oslo were completed on time and within budget, and we are very pleased to provide the service airlines and travellers expect from us, says CEO of Avinor, Dag Falk-Petersen.
Operating income in the fourth quarter of 2017 was NOK 2,814 million, compared to 2,785 million in the corresponding period the previous year, which is an increase of 1.1 per cent. Profit after tax was NOK 95 million in the fourth quarter, compared to NOK 144 million in Q4 2016.
Pensions reason for poorer result
Avinor’s operating revenues in 2017 were slightly in excess of NOK 11.5 billion, which is an increase from almost NOK 10.8 billion in 2016. Profit after tax comprised NOK 479.7 million compared to NOK 1,029 million in 2016.
This change is primarily due to increased pension obligations, an agreement for financial settlement with the Norwegian Armed Forces for the period 2010 – 2016, in addition to a reduction in capitalised interest costs as a result of completed development projects.
Increased traffic
Air traffic through Avinor’s airports increased by 4.1 per cent compared to 2016. Air traffic through Oslo Airport increased by 6.6 per cent, while other airports saw overall growth in air traffic of 1.6 per cent. Regularity averaged 98 per cent, and average punctuality was 85 per cent in 2017.
Implementing cost cuts
The savings forecast of the Group’s modernisation programme is in excess of targets. The goal for 2018 is cost savings of NOK 600 million per year, which Avinor expects to achieve by a good margin.
Source: Avinor / Norway Today
