Mullen Group’s Profit Declines

Canadian transportation firm Mullen Group said its first-quarter profit decreased 24.5% on reduced revenue from its oilfield services segment.

Net income fell to C$44.4 million, or 50 cents per share, from C$58.8 million, or 73 cents, a year ago.

Revenue fell 9.5% to C$385.5 million, and operating income dropped 11.4% to C$87.8 million.

Mullen’s oilfield services revenue fell 13.1% to C$257.6 million and its trucking and logistics segment’s revenue fell 1.1% to C$129.1 million.

Mullen Group is ranked No. 51 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.