Huntway Reports 52% Dip in 2nd-Quarter Profit

Huntway Partners, a Valencia-based producer of liquid asphalt, said its second-quarter profit tumbled 52% from a year earlier, to $1.13 million from $2.34 million.

Huntway’s revenue in the quarter that ended June 30 rose to $24.1 million from $22.6 million. For the first half of 1989, Huntway’s profit fell 22% to $2.55 million from $3.27 million, and its revenue was virtually unchanged at $42 million.

Huntway went public in November and used the proceeds in part to reduce its debt. Its year-earlier financial results are on a pro forma basis, that is, they reflect what Huntway’s results would have been had Huntway gone public and reduced its debt in early 1988 instead of later that year.