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Moderate profit growth in the first half of the year

Press Release   •   Aug 29, 2015 08:05 BST

Despite a decrease in traffic, the operating income and profit for the Avinor Group in the first half of the year is slightly higher than the corresponding period last year.

The Group’s operating income for the first half of the year was NOK 5,117 million compared with NOK 5,101 million for the corresponding period last year. During the first six months of the year, the Group had a profit after tax of NOK 566 million against NOK 523 million for the corresponding period in 2014.This profit is higher than last year mainly due to reduced project expenses and lower net financial expenses.

“With limited growth, it is important for Avinor to operate efficiently. We are working towards clear goals in order to reduce the company’s costs by way of an ambitious modernisation programme. We are targeting cost savings of NOK 1.5 billion in the period from 2015 to 2018. Additionally, we are focusing on streamlining operations through the use of new technology and efficient operating concepts, including remote-operated towers. Our objective is to strengthen Avinor’s competitiveness and ensure that we provide effective aviation services nationwide now and in the future,” says Avinor CEO Dag Falk-Petersen.

Air traffic measured in passenger numbers across Avinor’s airports fell by 1.3 per cent in the first half of the year compared with the first half of 2014. This decrease is primarily due to reduced domestic traffic and offshore helicopter traffic, and has been most noticeable at Stavanger Airport Sola, and Bergen Airport Flesland.

Traffic continues to grow at Oslo Airport Gardermoen with an increase of 0.7 per cent in the first half of the year. Avinor Flysikring has seen strong growth in the number of overflights (en-route navigation) with a year-on-year increase of 10.3 per cent as at 30 June.

The Group’s operations are safe and reliable, with regularity of 98 per cent and punctuality of 88 per cent over the last 12 months. So far this year, no aviation accidents have been registered, with or without personal injury, in which Avinor was a participant.

To facilitate better co-ordination and efficiency of airport operations, there are plans to merge Avinor AS and Oslo Lufthavn AS. The target date for completion of the merger is 1 January 2016.

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