SINGAPORE: Singapore-listed traditional Chinese medicine (TCM) firm Eu Yan Sang said that its first quarter net profit rose 11 per cent to S$3.6 million, due to improved retail revenue and better management of inventories.

Revenue over the same period rose 5 per cent to S$53 million.

In the last quarter, Eu Yan Sang had expanded its retail network by one additional outlet - bringing the total to 155.

The firm also signed an agreement with Vietnamese firm Truong Xuan Viet to open a chain of TCM clinics in Vietnam, with the first clinic likely to open within 12 months.

Going forward, Group CEO Richard Eu said the firm is looking to introduce new organic food and ready-to-drink products.

- CNA/sc