February 22, 2012 / 11:42 PM / in 6 years

UPDATE 1-Mullen Group posts higher 4th-qtr profit

Feb 22 (Reuters) - Trucking and logistics company Mullen Group Ltd reported a 43 percent rise in fourth-quarter profit as higher oil prices boosted demand for drilling at its oilfield services unit.

For the October-December period, the net income was C$47.5 million, or 59 Canadian cents a share, up from C$33.3 million, or 42 Canadian cents a share, a year ago.

On an adjusted basis, the trucker, which mostly serves the Canadian oilfield sector, earned 48 Canadian cents a share.

Revenue for the company, whose peers include TransForce Inc , jumped 33 percent to C$394.1 million ($394.3 million).

Oilfields services revenue rose 36 percent to C$257.5, while the trucking/logistics segment revenue was up 27 percent.

Shares of the Okotoks, Alberta-based company closed at C$20.84 on Wednesday on the Toronto Stock Exchange.

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