Q&M Dental reported a 45 per cent drop in H1 2022 earnings to S$9.8 million from S$17.8 million due to lower revenue.
Revenue for the period fell 4 per cent to S$90.9 million from S$94.6 million the year prior, due to 28 per cent lower revenue contribution from the medical laboratory and dental equipment & supplies segment. This was partially offset by a 2 per cent increase in revenue from dental and medical clinics.
"The revenue contributions from other business segment was significantly impacted by the opening up of the economy and the relaxation of Covid-19 management measures for travellers," said Dr Ng Chin Siau, chief executive officer, Q&M Dental.
Q&M Dental plans to continue to expand its dental clinics in Singapore as well as its team of dentists. Similarly, the company aim to continue expanding its dental clinics in Malaysia, with the limiting factor of an increasingly tight labour market. Regionally, Q&M is also looking to open more dental clinics in South-east Asia, depending on available opportunities, pertinent market conditions and the evolving Covid-19 situation.
Shares of Q&M Dental closed down 2 per cent or S$0.01 to S$0.48 on Friday (Aug 12).