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Vicom Q2 profit down 12.6%

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Vicom has posted a 12.6 per cent drop in net profit to S$6.62 million for the second quarter on lower business volumes.

Vicom has posted a 12.6 per cent drop in net profit to S$6.62 million for the second quarter on lower business volumes.

Revenue for the three months ended June 30 fell to S$25.4 million, down 6.9 per cent from S$27.3 million a year ago, Vicom said in a Singapore Exchange filing on Wednesday.

Operating costs fell 2.5 per cent to S$17.9 million, while operating profit shrank 16 per cent to S$7.5 million.

Earnings per share for the quarter fell to 7.47 Singapore cents, down from 8.55 cents a year ago.

A dividend of eight cents per share was declared, down from 8.75 cents per share previously.

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"Demand for vehicle testing services will continue to be impacted as more vehicles will be deregistered during the year," Vicom said in a statement.

"Demand for non-vehicle testing services is not expected to improve with the continuing slowdown in the industries that we serve."

The counter closed one cent up at S$5.91 on Wednesday before the results were released.

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