Kirkcaldie & Stains is anticipating a narrower loss for the latest financial year, however directors will be considering whether to write down the value of assets.

The upmarket Wellington department store reported a pretax loss of approximately $1.1 million for the year ended August 31,  2014.

Results for the previous year reported a loss of $1.8 million.

Retail business total fixed assets and intangible assets were valued at approximately $3 million on August 31, 2014, compared with $3.7 million in 2013.

“While this is an improvement on the 2013 financial year, the current year’s results 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 company noted in a statement.

The recently announced proposed sale of the Harbour City Centre for $45.85 million is currently subject to shareholder approval at a meeting on September 23, 2014 in Wellington.

Kirkcaldie & Stains’s directors anticipate that the Harbour City Centre’s leasing operations pretax profit, prior to any revaluation loss from the sale, will be $1 million for the year ended August 31 2014.

Loss for the 2013 year was $NZ500 000.