Holly Energy Partners, L.P. (HEP) has reported a 40.52 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $25.56 million, or $0.13 a share in the quarter, compared with $42.98 million, or $0.52 a share for the same period last year. Revenue during the quarter grew 3.55 percent to $105.63 million from $102.01 million in the previous year period. Total expenses were 51.03 percent of quarterly revenues, up from 46.56 percent for the same period last year. That has resulted in a contraction of 446 basis points in operating margin to 48.97 percent.
Operating income for the quarter was $51.73 million, compared with $54.51 million in the previous year period.
Commenting on the first quarter of 2017, George Damiris, chief executive officer, stated, "Despite a significant turnaround at HFC's Navajo refinery, we are pleased to be able to increase our distributable cash flow quarter over quarter, which allowed us to maintain our record of continuous quarterly distribution increases, while still maintaining a distribution coverage ratio of 1.0. Looking forward, we will continue to leverage our talented employee base, our relationship with HollyFrontier and our Mid-Continent, Northwest and Southwest logistics footprint to generate new organic and external growth opportunities."
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