Canadian transportation firm Mullen Group said its fourth-quarter profit decreased 54% on reduced revenue from its oil-field services segment.
Net income fell to C$21.8 million, or 25 cents per share, from C$47.5 million, or 59 cents, a year ago.
Revenue fell 12.2% to C$346.1 million, and operating income dropped 15% to C$71.2 million.
Mullen’s oil-field services revenue fell 18.5% to C$209.8 million and its trucking and logistics segment’s revenue rose 0.1% to C$137.6 million.
Its full-year net income rose to C$130.9 million, or C$1.58 per share, from C$119.4, or C$1.50 per share. Revenue rose 2.9% to C$1.38 billion.
Mullen’s trucking and logistics segment revenue for the year increased 9.5% to C$535.6 million, while its oil-field services segment revenue dipped 0.7% to C$897.3 million.
Mullen Group is ranked No. 51 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.