Record profits for Olav Thon

Operating revenues for 2016 totalled NOK 10.2 billion for the Group, an increase of 8%  over 2015, where revenues amounted to NOK 9.4 billion.

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Operating profit was NOK 2.8 billion, up from NOK 2.7 billion the previous year.

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‘We are very happy with the development in 2016, and once again, we show that the Olav Thon Group are delivering good results, even with weak growth in the Norwegian economy as a whole,’ said Arne B. Sperre, CFO of Olav Thon.

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Operation of shopping malls is a major part of the Group’s business. Olav Thon now owns eleven shopping centers in Norway and Sweden, making the company Scandinavia’s largest shopping center operator. Shop sales in the malls increased by 7% between 2015  and 2016.

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The hotel chain, Thon Hotels, also reported good numbers. The chain now retains 11,610 rooms, spread throughout 78 hotels in Norway and abroad. Rental income from the property portfolio also rose in 2016.

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In 2016, the Olav Thon Group spent NOK 6.6 billion on renovating the hotels, and expanding and acquiring several new shopping centers.