Kirkcaldie & Stains' earnings drop

Wellington department store Kirkcaldie & Stains' net profit in the six months to February 28 fell 69 per cent to $290,000.

The company suspended its dividend payment, which at the half- year last year was 6c a share, despite a 22 per cent drop in profit then.

"The directors note that the financial position of the company remains strong and that they will return to paying dividends once remedial actions have restored the company to an acceptable level of profitability," the company said yesterday.