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Vicom net profit up 4.2%; revenue falls 1.3%

VICOM'S net profit for the year ended Dec 31, 2015, rose 4.2 per cent to S$31.4 million from the previous financial year and revenue fell by 1.3 per cent to hit S$106.7 million. No fourth quarter numbers were given.

A tax-exempt one-tier final dividend of 9.50 cents per ordinary share - up from 8.75 cents in 2014 - has been proposed, along with a special dividend of 10.25 cents - up from 9.50 cents a year earlier.

Vicom, a unit of land transport giant ComfortDelGro and performs vehicle inspection and testing services, released its full year earnings report after markets closed on Thursday.

Its earnings per share rose to 35.45 cents from 34.02 cents a year ago, while net asset value per share climbed to 165.03 cents from 156.74 cents.

Vicom's counter ended 5 cents lower at S$5.79 on Thursday even as the broader market advanced slightly.

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Details of Vicom's increased net profits amid falling revenue come at a time when the vehicle population is shrinking.

The passenger car population had fallen for two consecutive years to reach 575,353 last year - 4.1 per cent lower than in 2014, and the lowest it has been since 2009, latest statistics from the Land Transport Authority (LTA) showed.

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