The figure is a modest 7.3% increase on their FY16 results of $56.1M. Their net profit after tax is also down 2.3% to $29.7M, while total revenue is up 10.7% to $362.2M.
It has been a tough year for the listed provider. As we covered here, in March they were forced to downgrade their profit forecast.
There was good news in the new results however, with land and licenses now secure for 11 greenfield developments that will add over 1,100 aged care beds by the end of FY20.
The provider also completed four brownfield developments in FY17 delivering 124 rooms with another 179 on the way. Japara also plans to embark on a ‘significant’ refurbishment program, updating 14 facilities over the next two years.
CEO Andrew Sudholz says they now expect their FY18 EBITDA to be in line with FY 17, before increasing in FY19 as their developments are completed and ACFI indexation increases recommence.