Williams Energy net profit falls

Monday, July 28th 2003, 12:00 am
By: News On 6

TULSA, Okla. (AP) _ Williams Energy Partners said Monday that second-quarter profits declined because of costs from Williams Cos.' sale of its majority interest in the petroleum and ammonia distributor.

The Tulsa-based partnership reported earnings of $18.6 million, or 75 cents a share, down from $24.6 million, or $1.05 a share, from the same quarter in 2002.

Second-quarter earnings reflect $8.4 million in transition costs associated with Williams' June sale of its controlling stake to a group of three investment firms.

Excluding the transition costs, the partnership had profits of $27.3 million, or 99 cents a share.