Huntway Reports Decline in Profit for 3rd Quarter
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Huntway Partners L.P., a Newhall-based producer of liquid asphalt from crude oil, reported a sharp drop in third-quarter earnings and revenue.
The 94% decline in profit, to $203,000 in the quarter that ended Sept. 30 from $3.35 million a year earlier, came as crude oil processing costs increased and prices for Huntway’s products fell. Revenue decreased 19%, to $23.9 million from $29.5 million, largely due to the closure of its Arizona refinery.
In the recent nine-month period, Huntway narrowed its loss to $1.83 million, while its revenue fell 30%, to $56.8 million. In the same period a year before, it lost $19.8 million on $80.7 million in revenue.
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