Retirement village operator Aevum posted a net profit of $28.6 million in the past 12 months.

Aevum managing director Steve Mann said, “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.”

Formerly known as the Hibernian Friendly Society NSW, Aevum Living has been a key developer and operator of retirement villages and aged care facilities for 35 years.

The retirement village gained $32.398 million in revenues from continuing operations. The figure is an increase of 25 percent.

Aevum declared a final dividend of three cents per share, unfranked, for the financial year 2009. The share price is up from two cents in 2008.

The average sales price grew two per cent in 2009 while there was a 76 percent increase in turnover sales to 240 units.

Aevum expects operating cash flow of $50 million for the 2010 financial period. The liquidity flow would be coming from its IOR villages, increased development stock available for sale, and continued improvement in occupancy.

The modest earnings for 2009 makes up for the $12.2 million loss in the previous year.