Mullen Group’s Trucking and Logistics Revenue Rises

Canadian transportation firm Mullen Group said its trucking and logistics revenue increased as its second-quarter profit more than tripled.

Net income rose to C$27.4 million, or 30 cents per share, from C$7.4 million, or 9 cents, a year ago.

Revenue rose 3.1% to C$310.3 million, and operating income increased 5.5% to C$56 million.

Mullen’s trucking and logistics segment’s revenue increased 2.7% to C$137.3 million. Oilfield services revenue slipped 7.7% to C$173.6 million.

The company said the income increase was “mainly attributable to a C$23.4 million positive variance in the fair value of investments.”

Mullen Group is ranked No. 49 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.