NOVA Chemicals triples Q3 profit on strong olefins performance

09 November 2011 15:02 Source:ICIS News

NOVA Corruna plant in CanadaTORONTO (ICIS)--NOVA Chemicals nearly tripled its 2011 third-quarter profit, to $150m (€108m) from $58m in the same period a year ago, driven by a strong performance by its core olefins business, the Canada-based petrochemicals major said on Wednesday.

NOVA's revenues for the three months ending on 30 September rose by 35% year on year to $1.45bn. Third-quarter operating profit from continuing operations more than doubled to $254m, from $118m in the 2010 third quarter.

Operating profits in the olefins business improved because of higher sales prices and volumes, the company said.

However, its polyethylene (PE) segment reported a third-quarter operating loss of $39m, compared with a profit of $54m in the same period a year ago, as higher raw material costs more than offset higher sales prices, the company said.

($1 = €0.72)

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By Stefan Baumgarten