KRK
03/09/2014 08:30
FORECAST
REL: 0830 HRS Kirkcaldie & Stains Limited
FORECAST: KRK: Retail Operations - Trading Update
The financial year for Kirkcaldie & Stains Limited (the 'Company') ended on
31 August. While final revenue figures from the retail business are yet to
be determined and reviewed by the Company's auditors, the directors believe
they have sufficient information to anticipate a pre-tax loss of
approximately $1.1 million in the Company's retail operations (2013: $1.8
million loss). While this is an improvement on the 2013 financial year, the
current year's result will require the directors to consider whether they
should recognise any impairment of the fixed assets and intangible assets
associated with that part of the Company's business. The total fixed assets
and intangible assets in the retail side of the business are approximately $3
million (2013: $3.7 million).
Separately the Company has previously announced the proposed sale of the
Harbour City Centre for $45.85 million. This sale remains subject to
shareholder approval and a Notice of Meeting will be sent to shareholders
shortly. The notice will explain the sale and its implications in more
detail. The meeting is to be held at the Wellington Club at 11am on 23
September 2014. The directors anticipate that the pre-tax profit from the
Harbour City Centre's leasing operations for the year ended 31 August 2014
will be, prior to any revaluation loss arising from the sale, approximately
$1 million (2013: $0.5 million loss).
ENDS
Falcon Clouston
Chairman
For further information:
Falcon Clouston
P O Box 1494
Wellington 6140
P: 04 499 1610
End CA:00254774 For:KRK Type:FORECAST Time:2014-09-03 08:30:07
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
