TRENTON, New Jersey (AP) — Bermuda-based industrial manufacturing conglomerate Tyco International Ltd., which is planning on splitting into three separate companies, said yesterday its second-quarter profit slipped 7 percent as higher overhead and separation costs offset revenue growth.Net income in the quarter ending March 30 declined to $835 million, or 41 cents per share, from $895 million, or 43 cents per share, a year ago.

Profit from continuing operations totalled 49 cents per share in the latest quarter, excluding 7 cents of separation and restructuring costs. The company said earnings were hurt by higher costs of materials — primarily copper — and modestly higher investment in research and sales.

On average, analysts surveyed by Thomson Financial were looking for adjusted profit of 47 cents per share on revenue of $10.77 billion.

Revenue grew 7 percent to $10.84 billion from $10.09 billion last year.

Electronics and the engineered products businesses produced better-than-expected growth, helping to offset sales declines in computer and communication service provider markets.

Tyco said growth was strong in Europe and Asia, but revenue declined modestly in North America, with the exception of strong growth in its undersea telecommunications business.

Tyco which is based in Hamilton and has operating headquarters in West Windsor, New Jersey, is splitting into three publicly traded companies: Tyco Healthcare, which will be renamed Covidien; Tyco Electronics, and Tyco International, which will include the company's fire security and engineered products unit and will remain at the current headquarters.

"All three companies will have solid balance sheets and capital structures following the separation," chief executive officer Edward Breen told analysts during a conference call.

The company previously expected the break-up to occur early in the second quarter.

Breen said it's now expected to occur around the end of June, but the company cannot give an exact date, due to the complex regulatory process.

Approval by the US Securities and Exchange Commission is the final hurdle remaining. Company officials said they expect to hear from the agency shortly in response to amended documents it filed with the SEC on April 20; and another company response likely will be needed.

For the first six months, net income rose 10.5 percent, to $1.63 billion or 81 cents per share, from $1.47 billion or 71 cents per share. Revenues rose 7.5 percent, to $21.2 billion from $19.7 billion.

In morning trading on the New York Stock Exchange, Tyco were down 19 cents, or 0.6 percent, to $32.53, near their 52-week high of $33.29.