Canadian plastics and chemicals producer Nova Chemicals (Calgary, Alberta; www.novachem.com) has reported an operating profit of USD 859m in 2012, down 15% year-on-year, on sales 3% lower at USD 5.05 bn. The company’s olefins/polyolefins business unit generated operating profit of USD 1.0 bn before corporate costs in 2012 compared with USD 1.1 bn in 2011. Nova said the result had been affected by lower margins in its Joffre, Alberta olefins and polyethylene businesses, partially offset by an increase in margins at the Corunna, Ontario unit.

The performance styrenics segment reported an operating profit of USD 9m in 2012, up from USD 7m in 2011. The year-on-year improvement was due to slightly higher margins, Nova said.

The company said it had used cash in hand to reduce its outstanding debt significantly during the year. The level of debt will have fallen by over USD 1 bn to around USD 700m since the beginning of 2012. In 2012, Nova’s operating activities generated USD 1.15 bn in cash, compared to USD 950m in 2011, with the increases driven by continued strong earnings and a decrease in working capital, it said.