NOVA posts $52m Q3 loss on lower selling prices, 43% revenue drop

12 November 2009 17:45  [Source: ICIS news]

HOUSTON (ICIS news)--NOVA Chemicals reported a third-quarter net loss of $52m (€35m), compared with a $100m net income in the 2008 third quarter as lower selling prices and sales volumes more than offset lower feedstock and operating costs, the Canadian petrochemicals producer said on Thursday.

However, that figure was up from an $83m loss reported in the second quarter, NOVA said.

Revenues slumped 43.3% to $1.1bn from $2.1bn a year ago. Operating income was $117m, down 40.9% year-over-year from $192m but up 46.3% from $80m in the second quarter.

NOVA is a wholly owned subsidiary of Abu Dhabi’s International Petroleum Investment Company (IPIC), which acquired NOVA this year for $2.3bn.

NOVA is headquartered in the US, but was founded in Canada, and the bulk of its manufacturing is in Canada.

($1 = €0.67)

For more on NOVA Chemicals visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Ben DuBose
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index