Norway's Aker BP Beats Forecast In 4Q Due $114MM One-Off Income
OSLO, Feb 6 (Reuters) - Aker BP, the oil firm resulting from the merger of BP's 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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