Mullen Group’s 3Q Profit Declines

Canadian transportation firm Mullen Group reported its third-quarter profit declined to C$11 million, or 14 cents per share, from C$28 million, or 36 cents, a year before.

Revenue rose 33.9% to C$360 million, the company said late Wednesday. Trucking and logistics revenue rose 21.8% to C$130 million, while oilfield services revenue jumped 42.2% to C$231 million.

In a statement, the company said its decrease in net income was “entirely attributable” to non-operating items, including a $27 million year-over-year variance in unrealized foreign exchange and a $15 million year-over-year variance in the fair value of investments.

Mullen Group is ranked No. 56 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.