Q & M Dental Group (Singapore), the private dental healthcare group, today reported a net profit for the three months ended 30 September 2011 (3Q11) of $0.8 million compared with $0.9 million for the year ago period (3Q10). Revenue was $12 million.
However, in line with the expansion in Q & M’s operations, the group increased the number of administrative personnel and dental surgery assistants in 3Q11. Together with salary revisions, higher employer CPF contribution rate, foreign worker levy, as well as the inclusion of employee expenses from the distribution business, the group’s employee benefits expense in 3Q11 increased 31% to $7.9 million from $6.0 million in 3Q10.
The group also adjusted its salary payment cycle for this quarter and incurred a one-time payment of $153,000.
As of 30 September 2011, Q & M says the group remained in sound financial health with cash and cash equivalents of $12.9 million and minimal bank borrowings.
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