Mullen Group Ltd. reported a third-quarter profit of $39.1 million, up from $38.0 million in the same quarter last year as its revenue edged lower.

The trucking firm says the profit amounted to 42 cents per diluted share for the quarter ended Sept. 30, up from 39 cents per diluted share a year earlier.

Revenue totalled $504.0 million, down from $518.4 million in the same quarter last year.

The company says the decline was due to lower fuel surcharge revenue, declines in overall general freight demand in three of its operating segments and the sale of its hydrovac assets and business in December 2022.

On an adjusted basis, Mullen Group says it earned 43 cents per share in its latest quarter, down from an adjusted profit of 51 cents per share a year earlier.

Mullen Group offers trucking and other logistics services as well as specialized services for the energy, mining, forestry and construction industries in Western Canada.

This report by The Canadian Press was first published Oct. 19, 2023.