New record year for Olav Thon

Olav ThonOlav Thon.Photo: Terje Bendiksby / NTB scanpix

With a profit of NOK 2.3 billion before tax, the Olav Thon Group can assert that 2017 became a new record year for the group.

 

The result is an increase of almost 40 percent compared with 2016.

Operating revenues for 2017 totaled 10.9 billion NOK for the Group, against 10.2 billion kr in 2016. Operating profit was 3.2 billion kr, up from 2.8 billion kr in 2016.

– “This is a new record. The rise in earnings can be explained by several things, including increased results from housing projects that have been completed, increased rental income from properties, a significant profit growth in Thon Hotels and lower financial costs,” says Director of Finance, Arne B. Sperre.

The operation of shopping centers is a major part of the group’s business. At year-end, the group owned 78 shopping malls in Norway and Sweden, and managed 31 centers for other owners. Retail sales increased by 1 percent to 54 billion. In Sweden alone, sales in the shopping centers increased by 4.7 percent to 13.3 billion Swedish kronor.

 

© NTB scanpix / #Norway Today

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