Spectra Energy Partners Lp (SEP) has reported 0.99 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $301 million in the quarter, compared with $304 million for the same period last year. Revenue during the quarter grew 4.57 percent to $663 million from $634 million in the previous year period. Total expenses were 51.89 percent of quarterly revenues, up from 49.37 percent for the same period last year. That has resulted in a contraction of 252 basis points in operating margin to 48.11 percent.
Operating income for the quarter was $319 million, compared with $321 million in the previous year period.
"Spectra Energy Partners posted strong quarter and year-end results that continue to reflect our ability to generate solid cash flows and increased earnings. The expansion projects we placed into service in 2016 are driving additional value for our investors, as earlier this month we announced our 37th consecutive quarterly distribution increase," said Greg Ebel, chief executive officer, Spectra Energy Partners.
Working capital remains negativeWorking capital of Spectra Energy Partners Lp was negative $1,119 million on Dec. 31, 2016 compared with negative $927 million on Dec. 31, 2015. Current ratio was at 0.37 as on Dec. 31, 2016, up from 0.37 on Dec. 31, 2015.
Debt moves up
Spectra Energy Partners Lp has witnessed an increase in total debt over the last one year. It stood at $6,223 million as on Dec. 31, 2016, up 6.47 percent or $378 million from $5,845 million on Dec. 31, 2015. Total debt was 28.80 percent of total assets as on Dec. 31, 2016, compared with 31.01 percent on Dec. 31, 2015. Interest coverage ratio improved to 5.41 for the quarter from 5.35 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
