Nova profits up 70% to $163 million in Q1 2011
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastDriven by higher sales volumes and prices in its core olefins/polyolefins business, Nova Chemicals has reported a profit surge of $163 million in first-quarter 2011, an increase of 70 per cent year on year.
Driven by higher sales volumes and prices in its core olefins/polyolefins business, Nova Chemicals has reported a profit surge of $163 million in first-quarter 2011, an increase of 70 per cent year on year.
According to a press release, the Calgary, Alta.-based petrochemical supplier also reported sales of $1.29 billion for the three months ended December 31, an increase of 19 per cent from $1.09 billion in the 2010 first quarter.
Additionally, Nova’s performance styrenics segment reported a first-quarter operating profit of $3 million, compared with $1 million in the Q4 2010, because of higher sales volumes and lower fixed costs.
