SINGAPORE- Q&M Dental Group said on Wednesday its net profit for the first quarter ended March 31 rose 37 per cent from a year ago to $1.5 million.

This was supported by a 28 per cent increase in revenue to $19.5 million, on higher takings from the group's dental and medical clinics as well as its dental equipment and supplies distribution business.

Revenue from its dental and medical clinics rose 20 per cent to $17.8 million, from $14.9 million a year ago, it said. Existing outlets contributed $1.7 million of the increase, while new outlets in Singapore and Malaysia accounted for the remaining $1.2 million.

The group's acquisition of a dental equipment and supplies distribution company, AR Dental Supplies in Malaysia, also helped it boost revenue from this area. Revenue from this business rose to $1.7 million in the quarter from $0.3 million the previous year.

About 95 per cent of the revenue was contributed by the group's operations in Singapore, said chief executive Ng Chin Siau.

"We are certain that there is still room for growth locally given the continual increase in revenue from our Singapore operations over the last few years," he added.

Earnings per share for the group rose to 0.25 cents for the quarter, from 0.19 cents a year ago. Net asset value per share inched up to 7.9 cents as at March 31, from 7.6 cents as at Dec 31 last year.

Q&M shares edged up 0.5 cent to 48 cents in early trading on Wednesday.