Higher margins boost profit at Nova
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Nova Chemicals today said profit for all of 2011 jumped by more than 100 percent because of higher margins for its olefins, used in consumer and industrial plastic products.
The company reported profit of $615 million compared with $263 million in 2010.
Revenues for 2011 were $5.2 billion, up from $4.6 billion the prior year.
For the fourth quarter of 2011, profit edged up to $77 million from $63 million in the same period of 2010.
Fourth-quarter revenues were $1.1 billion, down from $1.2 billion in the year-ago period.
Nova, based in Calgary, Canada, maintains executive offices in Moon. It is a subsidiary of International Petroleum Investment Co. of Abu Dhabi, United Arab Emirates.
First Published March 13, 2012 10:30 am