Mullen Group Reports $7.1 Million Profit

Mullen Group Income Fund earned a profit of $7.1 million in the fourth quarter, compared with a $231.6 million loss a year ago.

Last year's loss was due primarily to a $275 million impairment charge related to acquisitions in the oilfield industry. Without the impairment charge, profit would have been $36.7 million a year ago.

The decline to $7.1 million this year was primarily due to a $37.6 million unrealized loss on foreign exchange in 2008 as compared to an unrealized gain of $1.8 million in 2007. Depreciation and interest increased also, but an increase of $31.8 million in operating income pulled the company through.

Revenue in the fourth quarter climbed 30 percent to $354.8 million as a result of acquisitions and increased demand, especially in western Canada, for oilfield services and for trucking and logistics.