SINGAPORE (Feb 27): Q&M Dental Group (Singapore) reported full-year earnings declined by 16% to $23.9 million in FY17 compared to $28.3 million in FY16.
Total revenue for the full year ended Dec 2017 came in at $123.5 million, 17.7% lower compared to $150 million in FY16, mainly due to the closure of Aidite.
Revenue from the group’s dental and medical clinics (excluding Aoxin) was 3% higher at $108.7 million from $105.7 million a year ago, while revenue from dental equipment & supplies distribution (excluding Aoxin) were 2% lower at $8.62 million from $8.77 million last year.
This was due the deconsolidation of Aoxin from a subsidiary to an associate in April 2017.
Revenue from Aoxin dental clinics were 68% lower at $4.15 million, while revenue from Aoxin dental equipment & supplies distribution were 58% lower at $2.06 million.
Aidite was deconsolidated in Dec 2016 and is now an associate of the group, thus the group did not record any revenue from its dental supplies manufacturing segment. In FY16, Aidite recorded revenue of $22.5 million.
See: Aoxin Q&M posts 46% drop in FY17 earnings to $1.0 mil on higher expenses
During FY17, the group did not record any cost of dental supplies manufacturing, compared to $8.75 million in the previous year, due to the deconsolidation of Aidite.
The group saw gains from share of profit from equity-accounted associates during FY17 of $3.95 million, which was absent in FY16.
Foreign exchange losses were narrowed by 92% to $0.1 million from $1.28 million a year ago.
As at Dec 31 2017, the Group has a total of 70 dental outlets and 4 medical outlets in operations. It has 14 dental outlets in Malaysia and 1 dental outlet in People’s Republic of China compared to 6 dental outlets in Malaysia and 4 dental hospitals and 8 dental outlets in PRC as at 31 December 2016.
The group has declared a final dividend of 0.42 cents and a special dividend of 0.5 cents for FY17, which will be payable on May 18.
Ng Chin Siau, group CEO of Q&M Dental Group says, “The group will continue its strategy of organic expansion and acquisition and it has secured significant facilities toward this end and will focus on its traditional powerhouse growth geographies of China, Singapore and Malaysia.”
Shares in Q&M closed at 64 cents on Tuesday.
