Total operating costs also increased by 2.5% to $16.7 million from $16.3 million last year.
Hence, operating profit for 1Q19 increased by 7.4% to $8.8 million compared to $8.2 million in 1Q18.
As at end-March, the group’s cash and cash equivalents stood at $112.8 million.
On the outlook, 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 in 2018.
Meanwhile, the group expects its non-vehicle testing business to remain challenging as a result of the slowing Singapore economy.
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Shares in Vicom closed at $6.50 on Friday.
