26 May 2011 14:43 [Source: ICIS news]
TORONTO (ICIS)--NOVA Chemicals' first-quarter profit rose 70% year on year to $163m (€116m), primarily driven by higher sales volumes and prices in its core olefins/polyolefins business, the Canadian petrochemicals major said on Thursday.
NOVA’s sales for the three months ended 31 December were $1.29bn, up 19% from $1.09bn in the 2010 first quarter.
First-quarter operating profit in NOVA’s olefins/polyolefins business rose 52% year on year to $282m as sales volumes and prices increased more than feedstock costs.
NOVA’s performance styrenics segment reported a first-quarter operating profit of $3m, compared with $1m in the 2010 first quarter, because of higher sales volumes and lower fixed costs.
NOVA switched to International Financial Reporting Standards, from Canadian rules, on 1 January.
NOVA is owned by ?xml:namespace>
($1 = €0.71)
For more on NOVA Chemicals and other producers visit ICIS company intelligence
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.
|ICIS news FREE TRIAL|
|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|
Asian Chemical Connections