Canadian transportation firm Mullen Group Income Fund said its second-quarter profit plunged 57.3% to C$16.6 million or 21 cents a share, from C$38.9 million or 64 cents a year earlier.
This decrease reflects the weak operating performance of business units reliant on drilling activity in western Canada and the lower future income tax recovery which reduced net income by C$14.5 million, the company said.
Operating income for the group’s trucking and logistics segment rose 9.7% to C$14.7 million during the quarter.
Revenue for the quarter rose to C$218.9 million from C$200 million, Mullen said late Wednesday.
Mullen is ranked No. 77 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.