ALDERSYDE, Alta. — Despite the downturn in the trucking industry and the Canadian economy in general, Mullen Transportation continues to churn out increasing profits.
The Alberta-based trucking company released its third quarter results and consolidated revenues were up 15 per cent over last year. Profitability also increased 16 per cent, while net income grew 18 per cent.
Share earnings were 44 cents, up 10 per cent over the same time last year.
The results were music to the ears of Murray Mullen, chairman, president and chief executive officer of the company.
“Given the current economic environment and the slowdown in oil and gas drilling in western Canada during the third quarter, I am pleased with our results,” says Mullen. “The fact that we generated double digit increases in revenues and profitability confirms that our business model is very effective.”
He adds that Mullen is prepared to deal with challenging market conditions because the company is currently enjoying a strong balance sheet creating a solid foundation.
“The economy will rebound, oil and gas demand will increase, as will commodity prices,” points out an optimistic Mullen. “And when they do, freight demand will improve and energy companies will once again be challenged to meet the energy needs of North America.”
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