Genesis Energy, L.P. (GEL) has reported a 91.16 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $32.10 million, or $0.28 a share in the quarter, compared with $363.21 million, or $3.38 a share for the same period last year.

Revenue during the quarter dropped 19.62 percent to $460.05 million from $572.33 million in the previous year period. Gross margin for the quarter expanded 652 basis points over the previous year period to 26.23 percent. Total expenses were 88.01 percent of quarterly revenues, down from 92.17 percent for the same period last year. This has led to an improvement of 417 basis points in operating margin to 11.99 percent.

Operating income for the quarter was $55.18 million, compared with $44.80 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $131.81 million compared with $126.90 million in the prior year period. At the same time, adjusted EBITDA margin improved 648 basis points in the quarter to 28.65 percent from 22.17 percent in the last year period.

Grant Sims, chief executive officer of Genesis Energy, said, "Given the continuing challenging operating environment in the energy midstream space, we are very pleased with the financial performance of our diversified, yet increasingly integrated, businesses. Compared to the year earlier period, for EBITDA to be up some 4% in the aggregate, in the face of such headwinds, demonstrates the resiliency of our assets and especially our people. Because of these financial steps, the continuing performance of our businesses in an extremely challenging environment and the growth we anticipate from our major organic projects which are substantially complete and paid for, we believe we are well positioned to continue to deliver long term value to all of our stakeholders while never losing our absolute commitment to safe and responsible operations."