Aoxin Q&M narrows H1 2022 losses

Benjamin Cher

Published Sun, Aug 14, 2022 · 04:09 PM

AOXIN Q&M reported narrowing losses to 3.4 million yuan (S$691,340) in H1 2022 from 6.1 million yuan due to its share of associate results.

Revenue fell 20.8% to 65.1 million yuan from 82.3 million yuan. This was mainly due to temporary closures resulting from the resurgence of Covid-19 from end of March to May 2022 which impacted all business segments.

“The group expects its performance for FY2022 to continue to be impacted by Covid-19 in the event there is a resurgence of Covid-19 virus in China,” said Dr Shao Yongxin, chief executive officer, Aoxin Q&M.

The share of associate’s profit helped narrow losses, with Acumen Diagnostics contributing 3.2 million yuan for H1 2022 after being acquired on Nov 1, 2021. The company reports that all their dental clinics and hospitals are currently in operation.

“Overall, the group expects the business environment to remain challenging for the second half of 2022.” said Dr Shao.

Shares of Aoxin Q&M closed flat at S$0.164 on Friday (Aug 12).