Huntway Partners Reports Profit in 4th Quarter

Huntway Partners L.P., a Valencia limited partnership that operates oil refineries used to produce liquid asphalt for road construction, reported a $1.09-million fourth-quarter profit.

The results reflected improved operating margins and reduced costs due to its debt restructuring and shutdown of its Arizona refinery, it said.

A year before, Huntway lost $3.36 million. The profit turnaround in the quarter that ended Dec. 31 was despite a 26% decline in revenue, to $20.2 million from $27.2 million in 1992’s fourth quarter.

For the year, however, Huntway’s loss widened to $18.7 million, including $19.3 million in charges from the closure of the Arizona operations. In 1992, it had a $14.3-million loss. Its 1993 revenue fell 4%, to $100.9 million from $104.9 million.