Vicom profit falls 10.4% to S$28.2m

VICOM'S net profit for the year ended Dec 31, 2016, fell 10.4 per cent to S$28.2 million from 12 months earlier. Full-year revenue dipped 5.2 per cent to S$101.2 million on lower business volumes. No fourth quarter numbers were given.

Vicom is a unit of land transport giant ComfortDelGro. It provides vehicle inspection and testing services and as Singapore's population of older vehicles decreases, so does demand for Vicom's services.

Earnings per share was 31.77 cents, down from 35.45 cents the previous year. The group's net asset value per share was 169.05 cents, up from 165.03 cents 12 months ago.

A tax-exempt one-tier final dividend of 8.50 cents per ordinary share - down from 9.50 cents in 2015 - has been proposed, together with a special dividend of 10.00 cents - down from 10.25 cents a year ago.