Mullen Group (TSX:MTL) reported a 27% drop in profits during the second quarter. But even as the Canadian trucking and logistics firm reeled from the impact of COVID-19, the company continued to position itself for recovery as it rehired laid-off employees and reinstated its dividend.
Mullen Group recorded net income of C$23 million (US$17.1 million), or 23 cents per share, on revenue of C$257 million in its second-quarter financial results released on Wednesday. Compared to a year ago, profits fell by 27.4%, while revenue dropped by 19%.
CEO Murray Mullen said the results were encouraging, however, saying, “business activity is returning, demand has stabilized.” Mullen pointed to the resilience in consumer spending as a bright spot from Mullen’s less-than-truckload business.
“Given the circumstances, I am pleased with our performance this past quarter,” Mullen said in a statement. “Our business units did a fantastic job managing the business, controlling costs, and keeping our people safe.”
Mullen Group also announced that it will resume paying its monthly dividend in August.
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