Ryman Healthcare has reported a steady result for the six months to 30 September 2023, with a 3.8% decline in profit.
The company's underlying profit, however, increased by 0.3%, thanks to solid growth in operating earnings.
Ryman's free cash flow also improved, with a negative cash flow of $158.4 million, which was $138.5 million better than the same period last year.
The company's total assets increased by 4.6% to $13.09 billion, while its net interest-bearing debt was $2.47 billion, within its target range.
Ryman did not declare an interim dividend.
In terms of its development plans, the company is focusing on matching its build programme to sales activity and has put some projects on hold.
Occupancy within its care centres improved to 96%, and Ryman continues to lead the sector in care quality.
Looking ahead, the company expects underlying profit for the full year to be in the range of $300 million to $330 million, reflecting ongoing market uncertainty.
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