Ingenia hits 'sweet spot' despite $10m loss RETIREMENT village owner Ingenia Communities has posted a net loss of $10.4 million for fiscal 2013 on the back of currency losses incurred from exiting its American business. But chief executive Simon Owen said its Australian business had hit a "sweet spot," with profits from its continuing operations nearly doubling to $2.8m over the year. Net cashflows from operations jumped 118 per cent to $11.2m, as sales of its units rose and costs fell. Distribution for the year was 0.5c. It gave no official guidance, but Owen said growing distributions was a near-term focus for the group, with hopes to double returns to shareholders in fiscal 2014 depending on acquisitions. "Demand is improving, we have a significant pipeline of highly accretive acquisition and development opportunities in place," Owen said. Ingenia has plans to expand its existing home estates under a $150m program. The acquisitive group also revealed it had bought another two manufactured home estates in NSW's Mudgee, taking the number of estates it has purchased since March to six.