Martin Midstream Partners Lp (MMLP) has reported a 17.53 percent fall in profit for the year ended Dec. 31, 2016. The company has earned $31.65 million in the year, compared with $38.38 million for the last year.
Revenue during the year dropped 20.20 percent to $827.39 million from $1,036.84 million in the previous year.
Ruben Martin, president and chief executive officer of Martin Midstream GP LLC, the general partner of the Partnership said, "I am pleased to announce the acquisition of the Hondo, Texas asphalt terminal facility for $27.4 million from Martin Resource Management Corporation (“MRMC”). In addition, the Partnership expects to spend $8.6 million to complete construction. The terminal will be supported by long-term contractual agreements with MRMC whereby the Partnership expects to receive cash flow of approximately $5.0 million annually. The acquisition of a newly constructed asset at an accretive multiple of cash flow restores growth at the Partnership."
Operating cash flow drops significantly
Martin Midstream Partners Lp has generated cash of $110.85 million from operating activities during the year, down 39.29 percent or $71.72 million, when compared with the last year. Cash flow from investing activities was $63.84 million from investing activities during the year as against cash outgo of $23.80 million in the last year.
The company has spent $174.70 million cash to carry out financing activities during the year as against cash outgo of $158.78 million in the last year period.
Cash and cash equivalents stood at $0.02 million as on Dec. 31, 2016, down 51.61 percent or $0.02 million from $0.03 million on Dec. 31, 2015.
Working capital increases sharply
Martin Midstream Partners Lp has recorded an increase in the working capital over the last year. It stood at $76.43 million as at Dec. 31, 2016, up 57.08 percent or $27.77 million from $48.66 million on Dec. 31, 2015. Current ratio was at 1.65 as on Dec. 31, 2016, up from 1.41 on Dec. 31, 2015.
Debt comes down
Martin Midstream Partners Lp has recorded a decline in total debt over the last one year. It stood at $808.11 million as on Dec. 31, 2016, down 6.58 percent or $56.90 million from $865 million on Dec. 31, 2015. Martin Midstream Partners Lp has recorded a decline in long-term debt over the last one year. It stood at $808.11 million as on Dec. 31, 2016, down 6.58 percent or $56.90 million from $865 million on Dec. 31, 2015. Total debt was 64.84 percent of total assets as on Dec. 31, 2016, compared with 62.66 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
