Kaiser Reports Q4 Loss, While Molina Earnings Rise
Kaiser Permanente reported a fourth-quarter loss of $233 million on $9.6 billion in revenue, compared to a profit of $215 million on $8.7 billion in revenue for the fourth quarter of 2006, the Sacramento Business Journal reports.
Kaiser officials attributed the loss to the cost of opening new facilities, higher retirement costs and increased medical costs.
Kaiser also reported an annual profit of $2.2 billion on $37.8 billion in revenue, up from $1.4 billion in profit on $34.4 billion in revenue in 2006 (Sacramento Business Journal, 2/14).
On Wednesday, Molina Healthcare reported fourth-quarter net income of $17.9 million on $679.6 million in revenue, up from $11.6 million in income on $549.5 million in revenue from 2006, Los Angeles Business reports.
Molina's annual net income was $58.3 million on $2.5 billion in revenue, up from $45.7 million in income on $2 billion in revenue in 2006 (Los Angeles Business, 2/13).