Q&M reports 46% lower earnings of $5.3 mil in 1HFY2023 as medical lab segment sees lower demand for Covid-19 testing

Revenue for the group’s core healthcare business dipped by 1% y-o-y to $83.3 million as higher revenue contribution from its clinics in Singapore was offset by .

Overall revenue fell by 4% y-o-y to $87.1 million.

Total ebitda fell by 16% y-o-y to $18.5 million while ebitda for the group’s core healthcare business dropped by 11% y-o-y to $18.2 million.

Earnings per share (EPS) on a fully diluted basis stood at 0.56 cents.

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A first interim dividend of 0.16 cent per share has been declared for the period, down from the 0.4 cent dividend the year before. The dividend is payable on Sept 13.

Cash and cash equivalents as at June 30 stood at $33.4 million.

“The continual resilience of Q&M’s core healthcare business is well appreciated by investors and reflects the group’s well-established foundations. Further, we will focus on organic growth following significant expansion of our dental clinic network across Singapore and Malaysia in 2022. We will continue to invest in technology and implement strategies that will enable us to further optimise productivity across our clinic network,” says Dr Ng Chin Siau, group CEO of Q&M.

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Looking ahead, the group says it aims to build a “strong platform” for its future growth in five key ways. They are: building strong foundations by strengthening its basis, improving efficiency by reducing costs and wastage, developing its medical laboratory business, expanding its brand at home and overseas and being committed to its community through charity work.

Shares in Q&M closed flat at 29 cents on Aug 14.