Retirement village operator Aevum has returned to profit but says global markets remain volatile as excessive government debt is met with austerity.
Aevum posted a net profit of $28.6 million in the 12 months to June 30, from a loss of $12.2 million in 2008/09.
Revenue from continuing operations increased 25 per cent to $32.398 million.
Aevum declared a final dividend for 2009/10 of three cents per share, unfranked, up from two cents in 2008/09.
Aevum's average sales price grew two per cent during 2009/10 and there was a 76 per cent increase in turnover sales to 240 units.
Aevum says it expects operating cash flow in 2010/11 of $50 million, reflecting a full year contribution from its IOR villages, increased development stock available for sale and continued improvement in occupancy.
''We expect to see continued strong demand this year for retirement living, despite the moderation forecast for the housing market, driven by under supply in the sector and strong population growth in the over 70 years seniors demographic,'' Aevum managing director Steve Mann said in a statement on Tuesday.
AAP
Advertisement
Loading