July 29, 2010 / 10:16 PM / 7 years ago

UPDATE 1-Mullen Group swings to Q2 net loss

* Q2 loss/shr C$0.07 vs EPS C$0.22 last year

* Q2 rev up 6 pct at C$214.6 mln

July 29 (Reuters) - Canada’s Mullen Group Ltd MTL.TO, which is a provider of transportation and related services to the oil and gas industry, swung to second-quarter net loss, hurt by a foreign exchange loss.

For the quarter ended June 30, the company posted net loss of C$6.2 million, or 7 Canadian cents a share, compared with net income of C$17.8 million, or 22 Canadian cents a share, a year ago.

Excluding items, the company earned 3 Canadian cents a share.

Revenue rose about 6 percent to C$214.6 million.

Analysts on average were expecting earnings of 8 Canadian cents a share on revenue of C$212.9 million, according to Thomson Reuters I/B/E/S.

The decrease in net income was mainly due to a C$32.9 million year-over-year variance in unrealized foreign exchange, Mullen, which nearly doubled its stake in Logan International Inc LII.TO last month, said.

Shares of the Okotoks, Alberta-based company closed at C$14.13 Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Maju Samuel)

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