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Westmoreland's MLP reports wider net loss in first quarter


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Westmoreland's MLP reports wider net loss in first quarter

WestmorelandResource Partners LP, the master limited partnership of , reporteda first-quarter net loss of $8.9 million in the first quarter, compared to anet loss of $6.2 million compared to a year-ago, according to a Form 10-Q.

The partnership also reported May 10 a decrease of $7.5 million in cash provided by change in workingcapital, offset in part by an increase of $0.9million in non-cash interest expenseand $0.4 million in depreciation, depletion and amortizationexpense.

Coalrevenue in the first quarter was $91.6 million, a decrease of $11.7 million, or 11.3%, from $103.3 million in the year-ago period. Thecompany attributed the decrease to a reduction in coal tons sold of about 0.2million tons.

The partnership reported distributable cash flow of $11.7million compared to $14.2 million in the year-ago period. On April 26, thecompany declared a quarterly distribution in the first quarter of 20 cents perunit, totaling approximately $4.3 million.

Westmoreland Coal formed the partnership in 2014 to takeadvantage of tax and financial benefits associated with a master limitedpartnership structure. Westmoreland Coal reported net income in the quarter, on a large incometax benefit recorded in the quarter.