Huntway Partners Profits Drop 50% in 2nd Quarter

Huntway Partners L.P., a limited partnership that produces liquid asphalt and other products that it refines from crude oil, reported that its profits fell by 50% to $1.68 million in the second quarter ended June 30 from $3.38 million a year earlier. Revenues rose 6% to $31.6 million.

Huntway attributed the lower earnings to an adjustment in the way it accounts for its inventories, as well as higher selling, administrative and interest costs.

For the six months ended June 30, Huntway’s profit was $2.81 million, compared to $767,000 in the same period in 1990. Revenues increased 8% to $54.3 million from $50.3 million.