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Vicom Q2 net profit up 4.9% to S$6.6m on higher vehicle-testing volumes

VEHICLE-INSPECTION group Vicom on Wednesday posted second-quarter net profit of S$6.6 million, up 4.9 per cent from the same period a year earlier.

Higher business volumes lifted revenue by 3.7 per cent to S$25.6 million in the quarter ended June 30. 

Earnings per share was 7.40 Singapore cents, up from 7.05 cents in the corresponding quarter last year. 

Vicom, which is owned by transport giant ComfortDelGro, issued similar guidance as in the first quarter. "The vehicle-inspection business is expected to remain strong as more cars that were registered after April 2014 pass the three-year mark and are now subject to a new emission test requirement by the National Environment Agency. The non vehicle-testing business will remain challenging, with the expected slowdown in the Singapore economy."

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For the half-year, Vicom's net profit also grew 4.9 per cent to S$13.9 million, on 3.9 per cent higher revenue of S$51.1 million. 

Earnings per share for the period stood at 15.68 Singapore cents, up from 14.95 cents a year ago. 

Vicom shares rose 0.43 per cent or S$0.03 to S$7.05 on Wednesday before the results were announced.