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Nova Chemicals Q4 2010 income more than triples, revenue rises

Calgary-based plastic resin supplier Nova Chemicals says its net income more than tripled to US$60 million in the fourth quarter of 2010, compared to US$17 million in the same period a year earlier.


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March 15, 2011 by Canadian Plastics

Calgary-based plastic resin supplier Nova Chemicals says its net income more than tripled to US$60 million in the fourth quarter of 2010, compared to US$17 million in the same period a year earlier.

According to a news release, Nova’s revenue was US$1.1 billion, up from US$841 million the year before, as it saw higher margins and demand for its products.

Operating income for its Olefins-Polyolefins business unit doubled to US$213 million from US$111 million, the company said, due to greater demand and selling prices that rose more than feedstock costs.

Nova also cited its restructuring initiatives as a reason for reducing operating costs.

The company is a wholly owned subsidiary of International Petroleum Investment Co. of Abu Dhabi in the United Arab Emirates.