Onex Corp. ONEX-T reported a fourth-quarter profit of US$373 million, down from US$435 million a year earlier.

The investment firm and asset manager, which keeps its books in U.S. dollars, says the profit amounted to US$4.81 per diluted share for the quarter ended Dec. 31.

The result compared with a profit of US$5.32 per diluted share in the last three months of 2022.

For the full year, Onex says it earned US$529 million or US$6.65 per diluted share in 2023 compared with a profit of US$235 million or US$2.77 per diluted share in 2022.

Onex chief executive Bobby Le Blanc says the company delivered solid overall performance in 2023, driven by good investment results, positive deployment and realization activity in a challenging environment.

Onex had US$33.7 billion of fee-generating assets under management at Dec. 31.