Azure Midstream Partners, LP (AZUR) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $14.36 million in the quarter, against a net loss of $216.43 million in the last year period.
Revenue during the quarter surged 39.18 percent to $29.50 million from $21.20 million in the previous year period. Gross margin for the quarter expanded 958 basis points over the previous year period to 85.38 percent.
Operating income for the quarter was $13.63 million, compared with an operating loss of $214.20 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.37 million compared with $8.76 million in the prior year period. At the same time, adjusted EBITDA margin contracted 3668 basis points in the quarter to 4.66 percent from 41.34 percent in the last year period.
"We are pleased to see the increase in earnings as a result of recent initiatives completed by the partnership", said I.J. "Chip" Berthelot, II, chief executive officer. "We remain focused on creating value for stakeholders, and continue to see positive momentum in our commercial endeavors."
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