Kirkcaldie & Stains reported a slim half year profit on Friday, blaming difficult trading conditions and poor weather over summer.
The company made $11,000 in the six months to the end of February, compared with $380,000 in the same period a year earlier. Revenue fell almost 1%, to $20.9 million.
The company's property division lost rental income while the Harbour City Centre in Wellington was refurbished and earthquake strengthened, while its retail arm battled with cautious consumers and tough competition.
Kirkcaldie & Stains expects to report a pre-tax loss of $900,000 in its full year financial accounts and won't pay an interim dividend.