Canada’s Nexen Q3 chem profit up 9% despite lower sales

16 October 2003 23:16  [Source: ICIS news]

TORONTO (CNI)--Third quarter chemical profits rose 9% at Canadian energy and chemicals firm Nexen to Can$12m ($9m/Euro7.7m) despite a slight decline in sales, the company said Thursday.

Last year, Nexen’s chemicals profits were Can$11m for the three months ended 30 September. Sales came in at Can$95m, compared to Can$97m in the 2002 third quarter.

For the first nine months of 2003 chemicals profits were Can$24m, compared to Can$18m in the same period last year, while revenues reached Can$285m, up from Can$269m last year.

Nexen’s chemicals operations are focused on sodium chlorate production in Canada and South America.

Nexen officials offered no comment on the chemicals results during their conference call today.

Calgary, Alberta-based Nexen is primarily an oil and gas company. Its overall third quarter net profits were Can$181m, up from last year’s Can$157m, on revenues of Can$847m, compared to Can$805m last year, with the company citing higher oil and gas prices.

By: Stefan Baumgarten
+1 713 525 2653

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