Mullen’s 1Q Income Declines; Truck Segment Improves

Canadian transportation firm Mullen Group Income Fund’s first-quarter profit fell but its trucking and logistics unit’s performance improved, the company said late Monday.

Net income fell to C$49.8 million or 62 cents per unit, from C$58.3 million or 71 cents a year earlier, the company said in a statement. Revenue declined 2.1% to C$358.1 million.

Mullen, which also has oilfield services, attributed the revenue downturn to lower natural gas drilling activity in Western Canada.

Trucking and logistics revenue rose 6% to $115.7 million, and operating income gained 19.4% to C$17.2 million.

Mullen is ranked No. 77 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.