Mullen Reports Lower 2Q Profit; Cites Conversion Costs

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anadian firm Mullen Group Income Fund, the successor to Mullen Transportation, reported late Tuesday it earned $2.6 million or 17 cents a share in the second quarter, down from $4.3 million or 28 cents a year earlier.

Mullen Transportation’s assets and operations were converted to an income trust on July 1, the company said in a statement. Costs associated with that conversion added $3.5 million in second-quarter expenses, the company said.

Mullen generated record first-quarter revenue of $94 million, up from $75 million a year earlier.

Mullen said most of the revenue increase was from the company’s trucking segment. Mullen, based in Alberta, Canada, also has oilfield and gas exploration operations.

Mullen is ranked No. 63 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.