Lower olefins, polyolefins margins drive down NOVA’s Q3 profit

01 November 2012 12:51  [Source: ICIS news]

NOVA ethylene plantLONDON (ICIS)--NOVA Chemical’s third-quarter profit fell 29% year on year to $107m (€83m), primarily because of a reduction in margins for its Olefins/Polyolefins business unit, the Canada-based petrochemicals producer said on Thursday.

Revenues for the three months ended 30 September came in at $1.19bn, compared with $1.45bn in the same period last year, while its operating profit from continuing operations fell 23% year on year to $195m.

The group’s olefins/polyolefins business unit generated $226m of operating profit in the third quarter of 2012 versus $287m reported in the same period in 2011, NOVA said.

Its Performance Styrenics segment's third-quarter operating profit from continuing operations doubled to $2m from $1m in the corresponding quarter of last year, primarily due to reduced depreciation expenses, the company added.

($1 = €0.77)

By: Franco Capaldo
+44 (0)20 8652 3214

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