Natural Resource Partners L.P. (NRP) has reported a 28.44 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $16.76 million, or $0.02 a share in the quarter, compared with $23.43 million, or $1.88 a share for the same period last year.
Revenue during the quarter dropped 7.44 percent to $88.70 million from $95.83 million in the previous year period. Total expenses were 58.24 percent of quarterly revenues, up from 48.88 percent for the same period last year. That has resulted in a contraction of 936 basis points in operating margin to 41.76 percent.
Operating income for the quarter was $37.04 million, compared with $48.99 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $51.28 million compared with $63.85 million in the prior year period. At the same time, adjusted EBITDA margin contracted 881 basis points in the quarter to 57.82 percent from 66.63 percent in the last year period.
"The first quarter of 2017 was a transformational quarter for NRP, as we completed the recapitalization transactions that strengthened our balance sheet, extended our debt maturities, and enhanced our liquidity," said Wyatt Hogan, President and Chief Operating Officer. "From an operations perspective, we realized the benefits of materially higher metallurgical coal pricing, as well as increased production from our Illinois Basin properties, reflecting a stronger thermal coal market. In addition, our soda ash business posted a solid quarter relative to the first quarter of 2016."
Operating cash flow declines
Natural Resource Partners L.P. has generated cash of $20.20 million from operating activities during the quarter, down 24.21 percent or $ 6.46 million, when compared with the last year period.
The company has spent $2.04 million cash to meet investing activities during the quarter as against cash inflow of $38.82 million in the last year period.
Cash flow from financing activities was $54.41 million for the quarter as against cash outgo of $65.15 million in the last year period.
Cash and cash equivalents stood at stood at $112.94 million as at Mar. 31, 2017.
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