April 25, 2012 / 10:33 PM / 6 years ago

UPDATE 1-Trucker Mullen's profit up on strength in oilfield services unit

April 25 (Reuters) - Trucking and logistics company Mullen Group Ltd posted a nearly 20 percent jump in first-quarter profit, helped in part by improved performance of its oilfield services unit.

January-March quarter net income rose to C$58.8 million, or 73 Canadian cents per share, from C$48.3 million, or 61 Canadian cents per share, a year ago.

Revenue rose 24 percent to C$426 million.

On an adjusted basis, the company earned 67 Canadian cents per share.

The company, whose competitors include TransForce Inc , saw revenue at its oilfield services unit rise about 24 percent.

Mullen, which provides specialized transportation and related services to the oil and natural gas industry in western Canada, has posted a profit for the previous four quarters.

The trucking company’s earnings are usually influenced by the seasonal activity pattern of western Canada’s oil and natural gas exploration industry, whereby activity peaks in the winter months and declines during the spring when wet weather and the spring thaw make the ground unstable.

Shares of the company, which has a market value of about $1.65 billion, closed at C$20.34 on Wednesday on the Toronto Stock Exchange.

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