Nova reports stronger 2009
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Nova Chemicals Corp. has reported a much stronger conclusion to 2009 than was the case the preceding year.
The petrochemical company, whose operations include ethylene and polyethylene plants at Joffre, earned net income of $17 million during the final quarter of 2009. That compares with a net loss of $212 million for the same period in 2008.
Operating income in the final three months of 2009 was $102 million, up sharply from a $387 million loss a year earlier.
A news release issued by Nova said demand for its products was stronger at the conclusion of last year, while lower utility costs helped reduce its operating expenses.
The company said 2009 was marked by progressive improvements to its bottom line, and a rebound from the disastrous end to 2008 that accompanied the global economic downturn.
A highlight of 2009 was Nova’s sale to International Petroleum Investment Co., which is owned by the government of the Emirate of Abu Dhabi. That deal closed in July.
Although Nova ceased to be a publicly-traded company as a result of the sale, it’s continued to operate as an independent company.
