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Asphalt a big chunk of Stimulus by Obama, as millions of miles of highway will be resurfaced with Asphalt. Holly should be a benefactor..

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May 07, 2009 – Comments (0) | RELATED TICKERS: HFC

UPDATE 1-Holly Q1 profit more than doubles

* Q1 EPS $0.44 vs $0.17 year-ago

* Sales and other revenue down 56 pct

* Gross refinery margins up 55 pct

May 7 (Reuters) - Oil refiner Holly Corp's (HOC.N) quarterly profit more than doubled, boosted by a 55 percent jump in refinery gross margins and improved results at its asphalt marketing business.

For the first quarter, Holly reported net income attributable to stockholders of $21.9 million, or 44 cents a share, up from $8.6 million, or 17 cents a share, a year earlier.

However, sales and other revenue more than halved to $650.8 million, hurt by a 46 percent decline in prices of produced refined products sold.

Holly's refinery gross margins rose to $11.93 per produced barrel, compared with $7.72 per produced barrel a year earlier. However, these gains were partially offset by a 22 percent drop in refinery production levels, owing to production downtime at the company's Navajo refinery.

Shares of the company closed at $25.82 Wednesday on the New York Stock Exchange.

For the alerts, double-click [ID:nWNAB5216] (Reporting by Shradhha Sharma in Bangalore; Editing by Anne Pallivathuckal)

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