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Olav Thon earned almost 580 million.

Olav Thon Eiendomsselskap reports a profit after tax of 578 million in 3. quarter of 2018, against 979 million in the same period the year before.

the Result before tax was nok 747 million, compared with 1.261 million the year before.

- Compared with 3. the year-ago quarter is the result any lower, but primarily the increase in value of eiendomsporteføljen amounted to nok 171 million to 806 million in the last year. Profit before value changes and taxes increases by 1 per cent from last year, something we are well satisfied with in a period of time where several of our largest shopping centres is influenced by ongoing expansion, " says executive vice president for finance, Arne B. Sperre.

the Group's investments in 3. quarter was 252 million and consisted substantially of investments in major real estate projects.

Bet on cinema

Shopping centres be adapted to digitization of the retail sector and increased competition from netthandelen both by expanding the product and service offerings, and by the use of new technology. Several of the centers are opened, among other things, cinema complex and many new restaurants, " says Block.

In the third quarter was the first part of this Storotunet completed, and in september opened the conference hotel Thon Hotel Storo in Oslo. In autumn, several of the largest shopping centres new openings, including the AMFI Moa, the Lagoon Storsenter, Oasen Storsenter and the AMFI Steinkjer.

By kvartalsskiftet owned and managed by Olav Thon Eiendomsselskap 88 shopping malls, of which 20 of these are managed for external owners.

- In 3. quarter was turnover in the kjøpesenterporteføljen owned by the group 12.505 million. Turnover in the year's first nine months was 35.810 million. Adjusted for currency effects and conversions were sales of comparable land area is around 2 % compared with 3. quarter of last year, " says Block.

High demand

its position in the Norwegian kjøpesentermarkedet is solid. In addition to Norway's biggest shopping mall, Sandvika Storsenter, the group owns a total of 7 of the country's 9 largest shopping malls.

" We are optimistic on the profit for the year and 2019. The Norwegian economy is developing positively in several areas. Demand for commercial property is still high and we expect moderate renteutvikling forward. The conditions are right for that group to be able to present great results to come, " says Arne B. Sperre. the

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