OKOTOKS, Alta. — Key acquisitions helped pave the way to a more profitable 2008 and fourth quarter for Mullen Group Income Fund.
The company generated record consolidated revenues of $1.3 billion last year – a 17.4% increase over 2007 revenues. The company attributed the growth to: the acquisition of the transport services of Essential Energy Services Trust, R.E. Line Trucking, and Pro North Oilfield Services; the strong performance of the trucking/logistics segment; strong demand for the transportation of fluids; and efforts to control costs.
In the fourth quarter, Mullen generated revenue of $354.8 million and a profit of $7.1 million. Its trucking/logistics segment reported $123.8 million in revenue in the fourth quarter (up 8.9% year-over-year) and $24.2 million in operating income (up 26.7%).
For the entire year, Mullen’s trucking/logistics segment increased revenues 11% to $485.2 million and operating income was up 29.4% to $83.2 million.
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