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IHH Healthcare Q1 profit drops 40% YOY

Malaysia's IHH Healthcare Bhd. said first-quarter earnings fell 40% on a yearly basis.

The company said profit after tax and minority interests, excluding exceptional items, in the first quarter was 120.5 million Malaysian ringgit, down from 201.8 million ringgit a year earlier.

This was primarily due to higher depreciation, amortization and startup costs of new hospitals opened in 2017, as well as foreign-exchange losses from the group's U.S. dollar-denominated cash balances.

Earnings before interest, tax, depreciation, amortization, exchange differences and other nonoperational items increased 8% year over year to 608.9 million ringgit from 565.6 million ringgit.

The Kuala Lumpur-based primary care services provider booked a 6% year over year rise in first-quarter revenue to 2.86 billion ringgit.

The increase was due in part to the company's two new hospitals: Gleneagles Hong Kong Hospital and Acibadem Altunizade Hospital, which opened in 2017.

"[W]e continue to be on the lookout for value-accretive opportunities to expand into all markets," said IHH Managing Director and CEO Tan See Leng in a statement.

As of May 24, US$1 was equivalent to 3.98 Malaysian ringgit.