Shares in Japara Healthcare fell hard after Australia’s largest private aged care and retirement group posted a 2.2% drop in full year profit to $29.71 million.

A short time ago, they were down almost 10% to $1.82.

Total revenue from the company’s 43 centres and its 3,841 residents was up 10.7% to $362.2 million

The company declared a final dividend of 5.75 cents per share, franked to 70%, taking the total payout to 11.25 cents a share from 11.5 cents the year before.

CEO Andrew Sudholz said the result is solid in a sector currently experiencing regulatory reform.

An investigation by Fairfax Media and the ABC’s Four Corners has uncovered questionable practices by another ASX-listed retirement village operator, Aveo.

“We have continued to provide excellent care and services to our many residents and execute against our growth strategy to provide new and improved homes for Australia’s ageing population,” he says.

“Excellent progress has been made on our developments program with four extensive brownfield projects completed delivering 124 new places.”

The company has also secured the land and licenses for 11 greenfield developments.

Overall in 2017, Japara has a steady average occupancy of 94.6%.

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