Holly Corp. profit down 93 percent

The Dallas-based oil refiner reported net income of $11.5 million, or 23 cents per share, in the second quarter of 2008 compared to $158.6 million, or $2.84 per share, in the second quarter of 2007.

Revenue climbed 43 percent to $1.74 billion during the quarter from $1.22 billion in the year-ago period.

Analysts surveyed by Thomson Financial, on average, expected earnings of 65 cents per share on revenue of $2.1 billion.

Holly Corp. said its Navajo refinery went down in May for repairs to a fluid catalytic cracking unit after an instrument control malfunction, causing reduced production and a drop in per-barrel margins. Its Woods Cross refinery operated at reduced rates during the quarter mostly due to multiple power interruptions.

The company said sales and other revenues increased on higher refined product sales prices, but cost of products sold increased on higher crude oil acquisition costs.