Metlifecare has reported a lower profit, which fell by two-thirds to $20.8 million in the year to June compared with the same period a year ago.
Revenue fell a third to $93 million due to a subdued property market affecting the ability of people to enter retirement homes, and the sale of Merivale.
Metlifecare cut debt by $44.5 million to $125 million during the year.
The company, which operates 16 retirement villages and nine care facilties, will not pay a dividend.
