Nova reports profit jump in 2011

(canplastics) -- Canadian-based chemical and resin supplier Nova Chemicals Corporation had a good year in 2011, reporting a profit rise of 22 per cent in the fourth quarter.

"We generated a profit of USD77 million compared to a profit of USD63 million in the fourth quarter of 2010," the Calgary-based company said in a press release. "For the full year 2011, we generated a profit of USD615 million compared to a profit of USD263 million for the full year 2010."

The company’s Performance Styrenics segment reported an operating profit from continuing operations of USD1 million in each of the fourth quarters of 2011 and 2010, the company continued. For the full year 2011, the segment generated an operating profit from continuing operations of USD7 million compared to an operating profit from continuing operations of USD3 million for the full year 2010.

As the only sour note, Nova reported a decline in operating profit in its olefins unit, from USD210 million in Q4 2010 to USD190 million in Q4 2011. "The quarter-over-quarter decline was due to an increase in margin in our olefins segments that was more than offset by a decline in margins in our polyethylene segment," Nova said. For the full year though, the business unit generated operating profit of USD1.13 billion compared to operating profit of USD786 million in 2010. "The year-over-year improvement was primarily due to higher margins in our olefins segments,"Nova said.