Norway’s Aker BP exceeds Q4 forecasts due to pension scheme alternation

Norwegian oil firm Aker BP has reported surprisingly higher-than-forecasted fourth quarter earnings as a result of a change in the company’s pension scheme, Reuters has reported.

The company said its quarterly results rose due to a one-off $114m income following a change to its pension scheme.

Adjusted earnings before interest, tax, depreciation and amortisation was $485m, over $100m higher than the predicted $354m in a Reuters poll.

In addition, taxes rose to $277m for the quarter. Tax expenses were primarily related to taxes generated by the pensions gain, weaker currency against the US dollar and changes in deferred taxes.

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