Canada NOVA Chemicals Q2 profit rises 8% on lower finance costs

02 August 2013 15:07  [Source: ICIS news]

TORONTO (ICIS)--NOVA Chemicals' second-quarter profit rose 8% year on year to $201m (€153m), mainly because of lower finance costs, the Canada-based petrochemicals producer said on Friday.

Finance costs fell because of the early repayment of higher-interest debentures and floating senior notes, the company said.

NOVA’s revenues for the three months ended 30 June were down 3.6% year on year to $1.37bn.

NOVA said that its core olefins and polyolefins business generated $328m of operating profit in the second quarter, compared with $338m in the second quarter of 2012.

The year-on-year decrease was primarily due to lower margins in olefins, partially offset by higher margins and increased sales volumes in the polyethylene (PE) segment, the company said. NOVA’s second-quarter PE sales volumes rose to 928m lbs from 860m lbs in the 2012 second quarter.

NOVA’s performance styrenics business reported an operating profit of nil in both the 2013 and the 2012 second quarters. The business had revenues of $84m in both quarters.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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