Nova Chemicals turns profit

Nova Chemicals Corp. reported on Tuesday that it earned US$185 million on revenues of $1.25 billion during the first quarter of 2013. That represents a slight decrease from a profit of $188 million on revenues of $1.34 billion for the same period in 2012.

Nova Chemicals Corp. reported on Tuesday that it earned US$185 million on revenues of $1.25 billion during the first quarter of 2013.

That represents a slight decrease from a profit of $188 million on revenues of $1.34 billion for the same period in 2012.

The company said in a release that the decline was due primarily to a $22-million write-off incurred with respect to its early payout of a nearly $100-million debenture.

The petrochemical company, whose operations include ethylene and polyethylene plants at Joffre, earned $336 million in operating profit from its olefins/polyolefins business unit — up from $305 million in the first quarter of 2012.

However, the Joffre segment of this business unit experienced a decrease in margins during the quarter.

A highlight of the three-month period was the approval by Nova’s board of directors for approximately $1 billion in funding for expansion of the company’s polyethylene facilities at Joffre. Work on this project has now begun.

Just Posted

Signatures Our Best to You Spring show starts Thursday in Red Deer

The event runs until Saturday at Westerner Park

Red Deer mayor wants to discuss status of projects promised before the election with new UCP government

A new homeless shelter and start on Red Deer hospital expansion were promised by New Democrats

Red Deer murder suspect arrested

Quentin Lee Strawberry was arrested on Tuesday, says RCMP

Updated: Industrial fabrication shop in Red Deer destroyed in morning fire

About 30 workers got out safely before building in north end gutted

Updated: Industrial fabrication shop in Red Deer destroyed in morning fire

About 30 workers got out safely before building in north end gutted

Inflation rises 1.9% on higher prices for fresh vegetables, mortgage costs

OTTAWA — Canada’s annual inflation was up last month as price pressures… Continue reading

Netflix adds 9.6M subscribers in 1Q as competition heats up

SAN FRANCISCO — Netflix kicked off the year with the biggest subscriber… Continue reading

Liberals find anti-Trudeau sentiment on campaign trail in Prince Edward Island

OTTAWA — When voters in Prince Edward Island go to the polls… Continue reading

Officer tells of finding body at trial for B.C. dad accused of killing daughters

VANCOUVER — A police officer choked up Tuesday as he recalled finding… Continue reading

Man faces murder charges in slayings of two men, two women in Penticton, B.C.

PENTICTON, B.C. — A former city employee described as a hard-working, civic-minded… Continue reading

A look at Alberta’s elections since the province was created in 1905

EDMONTON — A chronology of Alberta elections: Nov. 9, 1905: Lawyer Alexander… Continue reading

Connor scores in OT as Jets beat Blues to even series

Jets 2 Blues 1 (OT) (Series tied 2-2) ST. LOUIS — Kyle… Continue reading

Teen tennis star Felix Auger-Aliassime has special energy, intensity: coaches

Minutes after speaking with reporters about a tough semifinal loss at the… Continue reading

Most Read