July 25, 2012 / 10:15 PM / 6 years ago

Trucker Mullen profit falls on forex losses

July 24 (Reuters) - Trucking and logistics company Mullen Group Ltd reported a 40 percent fall in second-quarter profit on foreign exchange losses.

The company’s net income fell to C$7.4 million, or 9 Canadian cents per share, from C$12.3 million, or 15 Canadian cents per share, a year ago.

Mullen, which provides specialized transportation and related services to the oil and natural gas industry in western Canada, reported a 10.1 percent rise in revenue at C$320.1 million.

On an adjusted basis, the company earned 23 Canadian cents per share.

The company, whose competitors include TransForce Inc , saw revenue at its oilfield services unit rise about 7.4 percent to C$188 million.

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 C$1.75 billion, closed at C$21.46 on Wednesday on the Toronto Stock Exchange.

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