Home / Knowledge / News / Textiles / Lower margins pull down Q2 profits at Nova Chemicals
Lower margins pull down Q2 profits at Nova Chemicals
13
Aug '14
For the second quarter of 2014, Canada-based Nova Chemicals Corp, a producer of Olefins & Polyolefins, including ethylene, saw its profit slip to $167 million compared to profit of $201 million for the second quarter of 2013, down 16.91 percent.

The decrease was primarily due to lower margins in the Joffre Olefins and Corunna Olefins segments, partially offset by higher margins in the Polyethylene segment, Nova said.

Revenues also slipped to $1,290 in the quarter under review from $1,370 in the corresponding quarter of 2013.

Operating profit in the Olefins & Polyolefins segments too declined to $275 million in second quarter of 2014 from $328 million in second quarter of 2013. Nova attributed the decrease to lower margins in the Joffre Olefins and Corunna Olefins segments.

The Performance Styrenics segment at Nova Chemical generated break even operating profit during the second quarter of 2014. Higher polymer sales prices in the second quarter of 2014 were offset by higher feedstock costs and lower product sales volumes.

In June 2014, Nova began to utilize ethane supplied from natural gas associated with oil production from Bakken Shale.

This new feedstock source, together with its current ethane supply portfolio and those currently in development, should enable Nova to run its existing polyethylene plants at full capacity, as well as support our PE1 Expansion project in Joffre and position it for other potential growth opportunities.

Fibre2fashion News Desk - India

Must ReadView All

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Apparel/Garments | On 26th May 2017

Christian Dior, Nike top apparel companies - Forbes

Christian Dior, Nike, and Inditex have topped Forbes' 2017 Global...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search