Chemtrade Logistics Income Fund, Toronto, reported a fourth-quarter net loss of C$25.8 million on revenues of $319.4 million, compared to the year-ago loss of $12.6 million and $355.3 million, respectively. EBITDA was down to $44.2 million from $70.3 million.
The company said the most significant factor that negatively affected EBITDA during the quarter was lower sales volumes for regen acid due to an extended turnaround at a Chemtrade plant. This plant’s main refinery customer took an extended, once-every-five-years turnaround.
Chemtrade also cited the COVID-19-induced reduction in gasoline use, resulting in refineries operating at low utilization rates, which led to the reduced demand for regen services. Merchant acid demand was lower due to the reduced level of economic activity.
The company declared a fourth-quarter distribution of $0.15 per unit.
Chemtrade reported a full-year net loss of $167.5 million on revenue of $1.4 billion, up from the year-ago loss of $99.7 million and $1.5 billion, respectively. EBITDA was down, at $265.3 million from $295 million.