Boosted by a strong performance from its principal business of producing ethylene and related products, Nova Chemicals Corp. has reported Q2 profits. The profits exceed expectations. For the three months ended June 30, Nova has earned US$108 million, up from a loss of $25 million from a year ago levels and revenues rose to US$1.6 billion from US$1.3 billion. The ethylene business unit generated Q2 net income of US$151 million, up from US$56 million in the year-ago quarter, largely attributed to lower tax rates in Canada and lower costs for raw materials.
Nova had lost US$5 million in the first quarter of this year. 2005 was a particularly bad phase for Nova, where it lost $104 million in the year as it encountered a series of obstacles including maintenance problems at an Ontario facility, severe tornado damage to plants in Alberta and soaring energy prices.
21-Jul-06 
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