Estia Health says none of the residents in its 69 aged care facilities across Australia have tested positive for the novel coronavirus, and its permanent residential population has only fallen by 45 during the crisis.
Three of its workforce of 7,500 did contract COVID-19 in March and April, and they were quarantined successfully.
“At all times our focus has been on keeping our residents and employees safe,” the company said.
Estia Health’s occupancy has fallen from 93.8 per cent of its 5,944 operation beds before the crisis to 91.7 per cent, with residential population dropping by 45 permanent residents and 80 respite residents.
It said the cancellation of travel and elective surgery and the company’s conservative approach to new admissions and visitor restrictions were the major reasons for the drop.
Estia is reviewing its admissions pathways as the lockdown restrictions ease.
The company said it expects to receive $6.3 million in additional subsidies from the government during FY20, as well as a pass-through grant to staff that won’t have any effect on its balance sheet.
Staff costs have increased and Estia said its net debt has increased by $11.9 million to $108.5 million since the start of the year, but the company expects to be in full compliance with its banking covenants as of June 30.
Estia shares climbed more than 3.0 per cent on the news and were still up 1.1 per cent to $1.44 by 1115 AEST.