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)

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By: Ben DuBose
+1 713 525 2653



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