NewYork-Presbyterian's net income tumbles 47%

New York City-based NewYork-Presbyterian saw its net income fall in the first six months of fiscal year 2018, primarily due to lower investment returns.

The hospital recorded net income of $170.6 million in the six months ended June 30, according to unaudited bondholder documents. That's down 46.7 percent year over year from $320.2 million. NewYork-Presbyterian also saw operating income fall 15.7 percent to $140 million in the six-month period. That's down from $166 million in the same period last year, due to expenses outpacing revenue.

The hospital saw total operating expenses in the first half of 2018 climb 8.3 percent year over year to nearly $3 billion. The increase was driven primarily by salary and benefit expenses, as well as supply costs. At the same time, total operating revenue increased by 7.7 percent year over year to $3.1 billion.

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