Huntway Partners, a Valencia producer of liquid asphalt and other oil-based products, said it lost $441,000 in the fourth quarter compared with a year-earlier profit of $1.58 million.
The loss came on a 27% drop in revenue to $17.9 million from $24.5 million, Huntway said. The company is organized as a master limited partnership whose ownership units, which are similar to shares of stock, began trading publicly last November.
Huntway blamed the loss on a sharp drop in prices of crude oil products during the quarter, which shaved the company's profit margins.
For all of 1988, however, Huntway's profit rose 40% to $3.16 million from $2.25 million, despite a drop in revenue to $82.8 million from $97.5 million.