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HollyFrontier reports 21% drop in quarterly adjusted profit

Oct 31 (Reuters) - U.S. refiner HollyFrontier Corp reported a 20.7% fall in quarterly adjusted profit on Thursday, as a shortage of low-cost heavy crude hit its refining margins.

Total refining gross margin fell 3.7% to 769.8 million in the third quarter.

Adjusted net income attributable to the company's shareholders fell to $278 million, or $1.68 per share, in the quarter ended Sept. 30, from $350.7 million, or $1.98 per share, a year earlier. (Reporting by Shradha Singh in Bengaluru; Editing by Arun Koyyur)