Canada NOVA Chemicals’ Q1 profit rises 17% on higher olefins margins

08 May 2012 14:26  [Source: ICIS news]

Canada NOVA Chemicals’ Q1 profit rises 17% on higher olefins marginsTORONTO (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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