NOVA Chemicals swings to Q4 net income of $17m, sales down 2.5%

15 March 2010 13:40  [Source: ICIS news]

NOVA swings into profitLONDON (ICIS news)--NOVA Chemicals reported a fourth-quarter net income of $17m (€12.4m) compared with a net loss of $212m for the same period in 2008 as demand improved after the economic downturn, the Canadian petrochemicals producer said on Monday.

Revenue for the three months ended 31 December 2009 fell by 2.5% to $1.12bn.

“2009 was characterised by sequential quarter-over-quarter improvement starting from operating losses in the beginning of the year and building to operating gains later in the year,” NOVA said.

In addition to improved demand, the company had also realised an increase in pricing and lower operating costs due to decreased utility costs, it said in a statement.

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

NOVA is headquartered in the US but was founded in Canada where the bulk of its manufacturing takes place.

($1 = €0.73)

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