Winston-Salem, N.C.-based Novant Health's net income decreased 8.8 percent year over year in the third quarter of fiscal year 2018 primarily due to declines in the system's investment income, according to the Winston-Salem Journal.
Investment income dropped from $81.3 million in the third quarter of 2017 to $48.2 million this year. Novant's investment income is $65.7 million through the first three quarters of fiscal year 2018, compared to $222.1 million a year ago.
The health system's operating revenue was up 9.4 percent year over year in the third quarter of fiscal 2018, and its operating income more than tripled to $49.8 million, according to the Winston-Salem Journal.
Through the first three quarters of 2018, Novant reported net income of $208 million, a 30 percent decline from the previous year.