SINGAPORE (Feb 28): Q&M Dental Group saw its earnings fall 40% to $14.3 million for the FY18 ended December, from $23.9 million a year ago.

This was mainly due to the absence of a one-off gain on disposal of its subsidiaries in FY17. Other gains fell 88% to $1.3 million for FY18, compared to $10.8 million a year ago.

Excluding other gains, FY18 earnings would have come in at $13.0 million, 1% lower than $13.3 million a year ago.

Excluding Aoxin which was spun off in April 2017, the group’s revenue rose 2% to $119.9 million for FY18, compared to $$117.3 million a year ago.

The increase was mainly due the group’s dental and medical clinics, attributed to higher revenue from existing and new dental outlets in Singapore and Malaysia.

This was partially offset by lower revenue from the Singapore operations of its dental equipment and supplies distribution business.

Earnings per share (EPS) fell to 1.82 cents for FY18, compared to 3.00 cents a year ago.

Net asset value (NAV) per share for the group dipped marginally to 14.1 cents as at Dec 31, 2018, compared to 14.2 cents a year ago.

As at end December, cash and cash equivalents stood at $24.9 million.

Q&M has proposed a final dividend of 0.42 cents for FY18, unchanged from a year ago.

“As we continue to employ an intensive organic growth strategy in key locations in Singapore and Malaysia, we also look to [China] and regional markets for joint ventures and organic growth initiatives that will give us a boost in momentum,” says Dr Ng Chin Siau, group chief executive officer.

“As we strive to remain at the forefront of dentistry, the group earnestly ventures into dental artificial intelligence (AI) and dental education as additional pillars of growth. These will not only improve our processes and lower our operating costs, but open doors for regional collaboration and expansion of our service offerings,” Ng adds.

Shares in Q&M closed flat at 47.5 cents on Thursday.