Huntway Posts 1st-Quarter Profit of $1.13 Million
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Huntway Partners L.P., citing more stability in the oil markets following the Persian Gulf War, reported a first-quarter profit of $1.13 million compared with a year-earlier loss of $2.61 million.
Huntway, a marketer of liquid asphalt refined from crude oil, said the latest profit came on a 12% increase in its revenue, to $22.8 million from $20.4 million.
The company said profit margins on its products rose following the war’s end, helped by a decline in crude-oil prices to about $13-$15 a barrel from $20-$22 at the end of 1990.
However, Huntway said it remains in default on certain of its bank loans. The company previously has said it believes its bank will allow Huntway the time needed to generate the cash needed to end the default, which could take several months.
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