The listed provider has followed through on its market update last month, revealing a $144.6 million write down of its assets due to uncertainty around future financing and funding in the sector in its full year results.
“The pandemic is presenting serious challenges for residential ages care,” Estia’s CEO Ian Thorley said in a statement.
Nine of its 27 aged care home in Melbourne have experienced COVID-19 cases, with almost 200 residents and staff testing positive over two of its homes in Ardeer and Heidelberg.
The Aged Care Quality and Safety Commission (ACQSC) served a “notice to agree” over Estia’s management of these two outbreaks, which restricted both homes from admitting new residents as well as reporting weekly to the ACQSC.
Despite the write down, Estia recorded an 8.7% rise in revenue to $637.1 million, but a 39.5% decline in net profit on last year to $25.2 million.
$2.5 million was spent on the first wave of COVID-19 to 30 June, which included $300,000 of paid quarantine leave, introduced by the company in response to the pandemic.
