Spin-off gain lifts Q&M's FY16 profit to S$28 million

Singapore

A ONE-TIME gain of S$23.1 million helped mainboard-listed Q&M Dental Group's full-year net profit to more than double to S$28.3 million.

The one-time gain follows the spin-off of Aidite (Qinhuangdao) Technology and its subsequent reclassification from a subsidiary to an associate in FY16, the group said on Wednesday in a filing to the bourse operator.

Profit before tax for the 12 months ended Dec 31, 2016, rose 111 per cent year on year to S$35.5 million. Excluding the gain of S$21.3 million, PIC (Productivity and Innovation Credit) cash pay-out/PIC bonus of S$0.5 million, one-off incidental expenses of S$1.1 million and professional fees of S$1.1 million relating to the…