Middlesex Water Co. (MSEX) reported a 5.4 percent drop in third-quarter profit mostly as a result of decreased demand after Hess Corp. (HES), its largest customer, shut oil-refining operations at a New Jersey facility.
The Iselin, New Jersey-based water provider said today in a statement that net income slipped to $5.8 million from $6.1 million a year earlier, hurt by Hess’s February closure of the Port Reading refinery and higher precipitation than expected in the quarter.
Middlesex earlier this year expanded its contract operations into the military market with an award from the U.S. Department of Defense to privatize the water-system operations of Dover Air Force Base in Dover, Delaware.
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