Huntway Refining Profits Double in 3rd Quarter

Growth in road construction and repair, which boosted demand for asphalt, helped Newhall-based Huntway Refining more than double its third-quarter profits this year, the company said.

Huntway posted a profit of $1.764 million or 7 cents per diluted share, for the quarter, compared with earnings of $691,000 or 2 cents per diluted share in the third quarter of 1997.

For the nine months that ended Sept. 30, Huntway posted net income of $2.18 million or 11 cents per diluted share, against $1.09 million or 4 cents per diluted share for the first nine months of 1997.

The corporation, which operated as a partnership until June 1, owns refineries in Wilmington and Benicia, which primarily process crude oil used to produce liquid asphalt.