Canada NOVA Q2 profit falls 16% on lower margins, higher depreciation

09 August 2012 14:42  [Source: ICIS news]

Canada NOVA Q2 profit falls 16%TORONTO (ICIS)--NOVA Chemical’s second-quarter profit fell 16% year on year to $189m (€153m) as the company saw higher depreciation expenses and lower margins in its core olefins/polyolefins business, the Canada-based petrochemicals producer said on Thursday.

However, NOVA’s olefins/polyolefins sales volumes for the three months ended 30 June rose slightly from the same period a year ago, it said.

Revenues came in at $1.42bn, compared with $1.39bn in the 2011 second quarter.

NOVA’s overall operating profit from continuing operations was $292m, down 16% from $348m in the 2011 second quarter.

During the quarter, NOVA announced an agreement to sell its performance styrencis business.

($1 = €0.81)

By: Stefan Baumgarten
+1 713 525 2653

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