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Posted AT 9:09 AM EST on 24/07/08

Nova Chemicals profit drops sharply

Reuters

TORONTO — — Nova Chemicals Corp. said on Thursday its second-quarter profit fell 77.5 per cent, more than expected, due in part to soaring energy costs. Nova, Canada's biggest raw-plastics manufacturer, said net income fell to $18-million (U.S.), or 21 cents a share, in the period ended June 30, from $80-million, or 96 cents, in the year-earlier quarter.

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