AWB Limited (AWB) reported a net loss after tax and significant items of $250.8 million for the year ended 30 September 2009, down on a $60.3 million profit reported a year earlier. The agribusiness said the result took into account two discontinuing businesses, significant goodwill impairment for Landmark Financial Services, a write down in Hi-Fert, and other significant items in relation to restructuring and legal costs.

AWB said the NPAT result was on revenue of $6,686.7 million.

For the continuing business, the company posted a full year profit before tax and significant items of $93 million, with the performance of AWB Geneva particularly strong. The comparable result in FY08 was a $131.5 million profit.

Managing director, Gordon Davis, said the company is forecasting a full year 2010 profit before tax and significant items for its continuing businesses of between $95 million and $115 million without taking into consideration the benefit of the recent capital raising.

“In a year where the financial and climatic environment remained particularly challenging, the performance of AWB was mixed, affected by the availability and cost of credit, lower input margins, a rising Australian dollar, decreasing commodity prices, weak demand for fertiliser and adverse seasonal conditions on the east coast of Australia,” Mr Davis said.

“Looking forward we have set the platform for more sustainable growth by reducing our net corporate debt by over $250 million and implementing a number of successful cost reduction initiatives.”

Mr Davis said the company was well positioned to consider growth opportunities.

“Australian agriculture remains an attractive industry segment due to Australia’s close proximity to growth markets in Asia and we are well placed to take advantage of agribusiness opportunities going forward”, Mr Davis said.

At the close of trade Tuesday, AWB shares were trading at $1.26.