AWB has posted a $64.8 million net loss for the half year to March 31, with two significant items taking the gloss off what the company describes as a "solid performance".
AWB reported a before tax and significant items profit of $32.8m for its continuing businesses for the half-year, with the performance of the Rural Services sector offset by a reduced Australian Commodities Management result.
The two significant items which hammered the overall result were the settlement of the Watson shareholder class action for $39.5m (pre tax), and the loss on sale and restructuring associated with the sale of the Landmark Financial Services load and deposit books of $65.4m (pre tax).
However, chief executive Gordon Davis was confident of a stronger second half in Rural Services following good autumn rains, increased business activity and operational improvements.
"In addition, ACM's Grain Marketing business is expected to be stronger in the second half with Australian wheat increasingly more competitive globally," Mr Davis said.