01 March 2013 14:37 [Source: ICIS news]
TORONTO (ICIS)--NOVA Chemicals’ 2012 fourth-quarter profit fell 26% year on year to $57m (€44m), mainly because of lower margins in its olefins/polyolefins business, the Canada-based chemicals major said on Friday.
NOVA’s revenue for the three months ended 31 December was flat at $1.1bn.
The olefins/polyolefins business generated $133m in operating profit in the fourth quarter, down from $190m in the same period a year ago.
“The quarter-over-quarter decline was due to lower margins in our Joffre olefins segment [in Alberta], offset somewhat by an increase in margins in our Corunna olefins and polyethylene segments [in Ontario],” NOVA said in a statement.
NOVA’s performance styrenics segment reported an operating profit from continuing operations of $1m in 2012 fourth quarter, unchanged from the 2011 fourth quarter.
For the full 12 months of 2012, NOVA reported a profit for $544m, down from $615m in 2011, with the decline primarily due to the lower margins in the olefins/polyolefins business, it said.
Full-year 2012 revenue came in at $5.06bn, down from $5.24bn in the 2011.
($1 = €0.77)
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