This was due mainly to the lower business volume in the non-vehicle testing business arising from the slow down of the manufacturing sector.
As at Sept 30, Vicom’s cash and cash equivalents stood at $46.9 million.
Although inflationary pressure began to ease in the quarter ended September, Vicom notes that it remains elevated. “Business costs still remain high, particularly materials and staff costs,” says the company.
Meanwhile, Vicom’s vehicle inspection business has largely been stable, although there was lower demand for new car registrations and emission testing services due to the smaller Certificate of Entitlement (COE) quota.
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Vicom has also been appointed by LTA as one of the authorised partners for the installation of vehicle On-Board Units (OBUs) which will commence from December.
Shares in Vicom closed 3 cents or 2.22% up at $1.38 on Nov 8.
