Par Pacific Holdings, Inc. (PARR) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $27.76 million, or $ 0.67 a share in the quarter, against a net profit of $14.74 million, or $0.39 a share in the last year period. On adjusted basis, net loss for the quarter stood at $18.96 million, or $0.46 a share compared with a net profit of $23.83 million, or $0.64 a share in the last year period.

Revenue during the quarter went up marginally by 2.99 percent to $510.30 million from $495.50 million in the previous year period. Gross margin for the quarter contracted 792 basis points over the previous year period to 9.99 percent. Operating margin for the quarter stood at negative 4.27 percent as compared to a positive 5.30 percent for the previous year period.

Operating loss for the quarter was $21.78 million, compared with an operating income of $26.27 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at negative $1.71 million compared with $34.34 million in the prior year period. At the same time, adjusted EBITDA margin stood at negative 0.33 percent for the quarter compared to 6.93 percent in the last year period.

Commenting on the results, William Pate, Par Pacific's president and chief executive officer, stated, "Despite a challenging third quarter with significant planned maintenance projects, we made progress on several fronts. We are pleased to have completed the acquisition and related financing of our Wyoming refinery and logistics assets in the third quarter. In Hawaii, we successfully restarted our refinery after a major turnaround and a significant maintenance project on our subsea pipeline, and began rebranding a number of our Hawaii retail locations to our new local brand, Hele."