February 6, 2017 / 6:51 AM / a year ago

Norway's Aker BP beats forecast in Q4 due $114 million one-off income

OSLO (Reuters) - Aker BP (AKERBP.OL), the oil firm resulting from the merger of BP’s (BP.L) Norwegian business and Det norske, posted forecast-beating fourth-quarter earnings due to a one-off $114-million income following a change in the company’s pension scheme.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was $485 million, beating a forecast for $354 million in a Reuters poll

    Taxes for the quarter were $277 million, plunging the company’s net earnings to a loss of $67 million, far below analysts’ expectations of a $43 million profit.

    The tax expense was primarily related to a change in deferred taxes, significantly impacted by a weaker crown currency against the U.S. dollar, and taxes generated by the pensions gain.

    Aker BP repeated its outlook.

    Reporting by Gwladys Fouche, editing by Terje Solsvik

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