Southcross Energy Partners, L.P (SXE) saw its loss widen to $32.56 million, or $0.48 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $9.66 million, or $0.17 a share.
Revenue during the quarter dropped 19.44 percent to $144.66 million from $179.57 million in the previous year period. Gross margin for the quarter contracted 240 basis points over the previous year period to 12.66 percent. Operating margin for the quarter stood at negative 14.01 percent as compared to a positive 1.34 percent for the previous year period.
Operating loss for the quarter was $20.27 million, compared with an operating income of $2.41 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $14.83 million compared with $23.57 million in the prior year period. At the same time, adjusted EBITDA margin contracted 287 basis points in the quarter to 10.25 percent from 13.13 percent in the last year period.
Operating cash flow improves significantly
Southcross Energy Partners, L.P has generated cash of $41.20 million from operating activities during the nine month period, up 68.12 percent or $16.70 million, when compared with the last year period.
The company has spent $1.80 million cash to meet investing activities during the nine month period as against cash outgo of $109.21 million in the last year period.
The company has spent $46.64 million cash to carry out financing activities during the nine month period as against cash inflow of $84.70 million in the last year period.
Cash and cash equivalents stood at $4.12 million as on Sep. 30, 2016, up 149.24 percent or $2.46 million from $1.65 million on Sep. 30, 2015.
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
