IHH Healthcare Berhad said its fourth-quarter earnings dropped 18% year over year.

The Kuala Lumpur, Malaysia-based primary care services provider said fourth-quarter profit after tax and minority interests, excluding exceptional items, came in at 181.9 million Malaysian ringgit, down from 222.4 million ringgit in the same period in 2016.

The company said its profit was down due to higher depreciation, amortization and finance costs for the two new hospitals opened last year.

Fourth-quarter revenue was 2.89 billion ringgit, up 10% year over year from 2.63 billion ringgit. Revenue was driven by growth from its existing operations and from its new hospitals, the company said in a statement.

Full-year results

Full-year 2017 profit after tax and minority interests, excluding exceptional items, was 595.3 million ringgit, down 31% from 866 million ringgit in 2016.

Revenue for the year was 11.14 billion, up 11% from the previous year.

Meanwhile, the company's board recommended a first and final cash dividend of 3 sen per ordinary share for 2017.

As of Feb. 26, US$1 was equivalent to 3.91 Malaysian ringgit.