NOVA Chemicals’ Q1 profit surges 70% to $163m, sales rise 19%

TORONTO (ICIS)–NOVA Chemicals’ first-quarter profit rose 70% year on year to $163m (€116m), primarily driven by higher sales volumes and prices in its core olefins/polyolefins business, the Canadian petrochemicals major said on Thursday.

NOVA’s sales for the three months ended 31 December were $1.29bn, up 19% from $1.09bn in the 2010 first quarter.

First-quarter operating profit in NOVA’s olefins/polyolefins business rose 52% year on year to $282m as sales volumes and prices increased more than feedstock costs.

NOVA’s performance styrenics segment reported a first-quarter operating profit of $3m, compared with $1m in the 2010 first quarter, because of higher sales volumes and lower fixed costs.

NOVA switched to International Financial Reporting Standards, from Canadian rules, on 1 January.

NOVA is owned by Abu Dhabi’s IPIC, which bought the company in 2009.

($1 = €0.71)

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