Scripps net income drops 77% to $15.8M

San Diego-based Scripps Health saw its net income tumble in the third quarter of fiscal year 2018 due in large part to declines in investment income.

Nonprofit Scripps saw unrealized investment income fall $54.7 million in the three months ended June 30, according to unaudited bondholder documents, and realized investment income drop $7.8 million.

The decreases were partially offset by gains in operating income. Scripps reported operating income of $11.5 million in the third quarter of this year, compared to $5.6 million in the same period a year before. Scripps saw operating revenue increase in the third quarter to $727.1 million, up from $659.7 million in the same period a year prior, primarily due to higher volumes, outpatient visits and an increase in provider fee revenue.

At the same time, Scripps saw its operating expenses climb, mostly from increased provider fees. The system saw third quarter operating expenses increase $60.3 million, or 9.2 percent, year over year.

Scripps ended the third quarter with net income of $15.8 million, down 77.4 percent from $70 million reported in the same quarter of 2017.

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