PLAINS GP HOLDINGS (PAGP) has reported 48.99 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $126 million, or $0.14 a share in the quarter, compared with $247 million, or $0.24 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $278 million, or $0.37 a share compared with $304 million or $0.38 a share, a year ago.
Revenue during the quarter grew 19.14 percent to $5,952 million from $4,996 million in the previous year period. Gross margin for the quarter contracted 517 basis points over the previous year period to 12.06 percent. Total expenses were 96.34 percent of quarterly revenues, up from 93.11 percent for the same period last year. That has resulted in a contraction of 322 basis points in operating margin to 3.66 percent.
Operating income for the quarter was $218 million, compared with $344 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $600 million compared with $575 million in the prior year period. At the same time, adjusted EBITDA margin contracted 143 basis points in the quarter to 10.08 percent from 11.51 percent in the last year period.
"PAA reported fourth-quarter 2016 adjusted EBITDA of $600 million which was essentially in line with the fourth-quarter guidance furnished last November and full-year 2016 adjusted EBITDA of $2.169 billion," said Greg Armstrong, chairman and chief executive officer of Plains All American.
Debt comes down marginallyPLAINS GP HOLDINGS has recorded a decline in total debt over the last one year. It stood at $10,124 million as on Dec. 31, 2016, down 2.42 percent or $251 million from $10,375 million on Dec. 31, 2015. Total debt was 41.82 percent of total assets as on Dec. 31, 2016, compared with 42.97 percent on Dec. 31, 2015. Interest coverage ratio deteriorated to 1.72 for the quarter from 3.10 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
