Vicom reported a 7.8% drop in net profit for 3Q16
Byte Sized News Release: Vicom reported a 7.8% drop in net profit for 3Q16
1. Revenue for the third quarter was $25.4 million, down 0.1% from the same quarter a year ago. Net profit attributable to shareholders also fell by 7.9% year-on-year to $6.7 million. Earnings per share was 7.67 cents in the reporting quarter, down 7.8% from the 8.32 cents recorded in the same quarter last year.
2. Cash flow from operations before changes in working capital came in at $9.6 million while capital expenditure (capex) was around $1.1 million. This provided Vicom with $8.5 million in free cash flow.
3. As of Sep 2016, Vicom had $95.9 million in cash and equivalents and no debt. This is a decrease from the net cash balance of $100 million recorded at the end of last year.
4. Demand for vehicle testing services will continue to be impacted as more vehicles will be deregistered during the year. Demand for non-vehicle testing services is not expected to improve with the continuing slowdown in the industries that Vicom served.
Byte Sized Investment would be diving into some of Vicom’s past numbers to see how it would be doing in the next 2-3 years. To keep yourself updated on Vicom’s news and analysis, stay tune and sign up for our newsletter NOW!
Note: Byte Sized Investments has vested stakes in Vicom.