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Vicom posts Q1 net profit of S$7.3m on improved vehicle-testing business

VEHICLE-inspection group Vicom on Friday posted first-quarter net profit of S$7.3 million, up 4.8 per cent from the same period a year earlier.

Higher business volumes lifted revenue by 4.1 per cent to S$25.5 million in the three months ended March 31.

Earnings per share was 8.28 Singapore cents, up from 7.90 cents in the corresponding quarter last year. 

Net asset value per share was 170.33 Singapore cents as at end-March, from 170.16 cents as at the end of 2018.

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Vicom, owned by transport giant ComfortDelGro, said in its outlook statement: "The vehicle-testing business is expected to improve as a record high number of 37,000 old private cars, all of which are subjected to mandatory annual inspections, renewed their Certificates of Entitlement (COE) in 2018. The non-vehicle testing business is expected to remain challenging as a result of the slowing Singapore economy."

Vicom shares fell four Singapore cents or 0.61 per cent to S$6.50 on Friday before the results were announced.