Although Canadian oilfield service and trucking conglomerate Mullen Transportation stayed profitable in 2002, its trucking operations suffered a falloff in both revenue and profits.
For the year, Mullen's net income declined 39.4% to $18.6 million and revenues slipped 13.5% to $302.5 million. In the fourth quarter, Mullen's revenue went up 7.5% to $85.4 million but net income fell 31.3% to $4.6 million, compared to the same period in 2001.
Net income from Mullen's truckload operations fell 29.3% in 2002 and revenue declined 14.5%. In the fourth quarter, Mullen's trucking revenue shrank 9.8% and net income dropped 11.3% compared to the same quarter in 2001.