Asphalt Maker Reports Its Worst-Ever Quarterly Loss

Huntway Partners, a Newhall-based oil refining company that produces liquid asphalt, has reported the worst quarterly results in its history, posting a $2.3-million loss in the second quarter ending June 30.

The loss is more than twice the company’s loss of $1.08 million during the same period a year earlier. Revenues in the latest quarter increased by 4% to $21 million from $20.2 million.

For the six-month period, Huntway’s losses more than doubled to $5.7 million, from $2 million during the first half of 1994. Revenues fell slightly to $33.3 million from $33.9 million during the same six-month period a year earlier.

The company attributed the loss to weak asphalt demand and rising crude costs as well as to wet weather in Northern California. The lack of transportation funding at the state and federal level also contributed to the losses, the company said.

Juan Forster, president and chief executive officer, said the negative results can in part be attributed to state funding being diverted from highway projects. “State transportation dollars have been diverted to fund earthquake retrofit projects and to make up shortfalls in the general fund,” he said.