July 26, 2008

Nova Chemicals Reports Profit Drop

Nova Chemicals Corp. said second-quarter profit tumbled 78 percent because of an expense recorded to reflect the mark-to- market value of forward contracts for chemical ingredients.

Net income fell to $18 million, or 21 cents a share, from $80 million, or 96 cents, a year earlier, Nova said in a statement. Sales rose 32 percent to $2.21 billion.

Originally published by staff and wire reports.

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