Aoxin Q&M gets SGX’s nod for mainboard move
The dental group’s net profit sank 87.2% for its first half year
Singapore's Aoxin Q&M dental healthcare services provider secured in-principle approval from the Singapore Exchange to move its listing from the Catalist bourse to the mainboard, according to a report on Tuesday (Oct 27). The company disclosed an 87.2% drop in net profit for its half year ended June 30, 2023, to 0.351 million yuan (US$0.526 million), compared to 2.7 million yuan in the same period last year.
Revenue for the same period declined by 12.1% to 76.4 million yuan from 86.8 million yuan the previous year, primarily due to lower patient volumes, reduced average billing per patient, and decreased sales of dental equipment to government hospitals. However, the company's dental laboratory services operations in Singapore showed improved performance.
Aoxin Q&M also announced a proposed acquisition of a 100% stake in a dental group in central China, valued at 150 million yuan, to expand its footprint in China. The company comprises two business segments: a network of nearly 30 dental clinics with over 80 dentists, and medical device technology development, wholesale, and retail of Class I and II medical devices. The stock ended at S$0.163, up 4.5% after the announcement.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Aoxin Q&M gets SGX’s nod for mainboard move businesstimes.com.sg
