ALDERSYDE, Alta. — Mullen Transportation has released its third quarter results, reporting revenues were down right across the board.
Consolidated revenues were down 22.2 per cent over the same period last year while profitability was down as well. Net income was 46.2 per cent less than last year while operating income was 38.4 per cent.
Even the company’s oilfield services segment took a hit, with a revenue decline of 33.4 per cent during the third quarter, compared to the third quarter of 2001. The company attributes this to lower oil and gas drilling levels in Western Canada.
Meanwhile, the trucking segment experienced a revenue decline of 14 per cent with operating income sliding 24.2 per cent in this area. There is reason for optimism, however, with this segment of the company recording an increase in revenue and operating income over the second quarter of this year.
“This is a very frustrating market," says Murray Mullen, chairman, president and chief executive officer of Mullen Transportation. "On one hand the fundamentals of our business have never been better: Our on-time deliveries is at record levels; our safety performance is outstanding and we have a strong balance sheet."
He adds "Unfortunately, our financial performance is below expectations in spite of the growth in the economy."
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