OKOTOKS, Alta. — Mullen Group set a new record for revenue in the second quarter and boosted its profit over the same period last year.
Mullen’s Q2 record for revenue was $249.1 million (a 13.8% increase from 07) and its net income was $19.9 million, up from $16.6 million the same quarter of 07. The trucking/logistics segment was largely responsible for the record-setting revenue, making a $10.9 million contribution, Mullen reported. The company said it is experiencing continued strong freight demand in Western Canada.
“We were very pleased with the overall financial performance of our businesses in the second quarter. Both of our operating segments contributed to the growth last quarter, this despite the well-publicized economic challenges that persist in the market and a 6.9% decline in oil and gas drilling activity in Western Canada year over year,” said Murray Mullen, chairman and CEO.
One key to success for Mullen, was a rate and pricing structure that was adjusted to reflect the 40% increase in fuel costs, Mullen said.
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