[Stay on top of transportation news: .]
Mullen’s 4Q Income Declines; Full-Year Results Improve
Canadian transportation firm Mullen Group Income Fund reported its fourth-quarter profit fell to C$14 million or 17 cents per share, from C$24.7 million or 52 cents a year earlier.
The decrease in income was due to depreciation and amortization expenses, and currency exchange rates due to borrowing U.S. funds.Revenue for the quarter rose to C$284 million from C$160.7 million, Mullen said late Tuesday.For the year, the company earned C$128.1 million or C$1.86 per share, up from $70 million or C$1.51 per share. Revenue jumped to C$1 billion from C$591.7 billion in 2005.Mullen is ranked No. 95 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies.