NLV hospital owner posts profit

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Friday, July 28, 2000 | 10:35 a.m.

SANTA BARBARA, Calif. -- Tenet Healthcare Corp., the nation's second largest hospital chain, reported fiscal fourth quarter profits that beat Wall Street's expectations.

Tenet, owner of Lake Mead Hospital in North Las Vegas, reported operating income of $160 million or 51 cents a share compared with $130 million or 42 cents in the year-ago quarter. Income rose despite a decline in revenue to $2.91 billion from $2.94 billion as Tenet sold 20 hospitals.

Same-hospital revenue jumped 10.8 percent, said J.P. Morgan analyst Joseph Chiarelli, as managed care companies paid higher prices, offsetting lower Medicare reimbursements. At the same time, Tenet held costs in line, boosting margins.