Nova earnings down on falling ethylene prices

Nova Chemical on Friday reported year-on-year (YOY) declines for both 2012 annual and fourth-quarter profit, results that the company attributes to lower margins in its olefins and polyolefins business unit. Fourth-quarter 2012 profit totaled $57 million on revenue of $1.1 billion, versus profit of $77 million on revenue of $1.1 billion in the year-ago period. Profit for full-year 2012 totaled $514 million on revenue of $5.1 billion, versus profit of $615 million on revenue of $5.2 billion in 2011. Operating profit for Nova’s olefins and polyolefins business...

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