Nova Chemicals reported net income of $17 million in the fourth quarter, compared to a net loss of $212 in the same period last year, on sales down 3%, to $1.1 billion. Improved demand, pricing, and utility costs were partially offset by higher corporate costs, which were mainly asso- ciated with Nova's acquisition by International Petroleum Investment Co. (Abu Dhabi), restructur- ing and foreign exchange losses. Last year "was characterized by sequential quarter-over-quarter improvement starting from operating losses in the beginning of the year and building to operating gains later in the year," Nova says. "In 2008, the businesses recorded operating income in each of the first three quarters followed by the economic downturn that resulted in a large operating loss in the fourth quarter."
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