Canada NOVA Chemicals’ Q1 profit rises 17% on higher olefins margins
08 May 2012 14:26 [Source: ICIS news]
TORONTO (ICIS)--NOVA Chemicals’ first-quarter profit rose 17% year on year to $191m (€147m), mainly because of higher margins in its olefins segment, the Canadian petrochemicals producer said on Tuesday.
NOVA’s revenues for the three months ended 31 March rose 3% year on year to $1.34bn. NOVA’s core olefins/polyolefins business unit generated $308m of operating profit in the first quarter of 2012 versus an operating profit of $281m during the first quarter of 2011.
The improvement was due to higher margins in the olefins segments, partially offset by lower margins in the polyethylene segment, the company said.
($1 = €0.77)
By: Stefan Baumgarten
+1 713 525 2653
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