Moyne Health Services (MHS) has delivered a financial deficit for the 2020/21 financial year.
Finance officer Gabrielle Baudinette said the service's operating income was $20 million.
Expenses for the 2020/21 financialy year were $19.4 million.
That resulted in a $597,000 surplus.
"But after factoring in capital items such as depreciation, the overall result for the organisation was a $472,000 deficit," Ms Baudinette said.
Chief executive officer Jacqueline Kelly said the rapid onset and unknowns of COVID-19 meant the service had to rely on the agility of its workforce more than ever before.
"At every phase of this pandemic, the scale and impact to our health service has been rapidly evolving. Nonetheless, our highly skilled workforce has united to overcome the challenges of COVID-19 while delivering outstanding levels of care to our community and each other, every day," Ms Kelly said.
"Without this commitment to community and each other, the outcomes for the communities we serve may have been so very different."
Ms Kelly said the financial result was pleasing.
"During the past year, we have experienced sound financial growth," she said.
"MHS was committed to maintaining financial sustainability, which was successfully achieved with an end of year surplus result.
"A number of strategies were implemented to focus on our financial performance and to ensure that the health needs of our community were met."
Highlights for the year for the service included completion of phase two of Moyneyana House, securing a grant to upgrade nurse on-call and supporting infrastructure and obtaining funding to improve emergency access into Belfast House.
An expansion of the services in Koroit was also a highlight listed in the service's annual general report.
"Thank you to all MHS staff for their unwavering commitment, dedication, compassion and kindness that they show every day to our residents, patients and each other as they continue to provide, the Best Care - Every person, every time to our community," Ms Kelly said.
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