Huntway Partners Posts 95% Drop in Profit

Huntway Partners L.P., a Newhall-based producer of liquid asphalt from crude oil, reported a sharp drop in second-quarter earnings and revenue.

The 95% drop in profit, to $59,000 in the quarter that ended June 30 from $1.3 million a year earlier, came as declining gasoline and diesel prices in California pushed down prices for Huntway’s products.

The prices for Huntway’s light-end products, including naphtha, kerosene distillate and gas oil, are tied to wholesale gasoline and diesel prices.

Revenue decreased 9% to $23.7 million from $26.1 million.

For the six-month period, Huntway posted a net income of $405,000 compared with a net loss of $968,000 the year before. Revenue fell 1% to $42.7 million from $43.3 million a year earlier.