AWB Ltd., an agribusiness group in Australia, announced today that it has reported a net loss of $A64.8 million in the first six months of the fiscal. AWB said that the first half results were impacted by one time charges for the sale of its financial services business and a class action settlement. AWB said that the net loss was reported at $A64.8 million in the first half ended March 31, while the company had reported net profit at $A8.5 million in the same period last year.

Total revenue in the first half was reported at $A2.99 billion, decreasing by 6.5% while it was reported at $A3.2 billion in the previous corresponding period. AWB said in its first half results that the net loss from continuing operations was reported at $A11.8 million, compared to a net profit of $A37.5 million in the prior corresponding period.

The net loss including discontinued operations was reported of $A64.75 million in the first six months of the year. AWB said that the settlement of the Watson shareholder class action cost the company around $A39.5 million in the first half. AWB also said that it had reported a loss of $65.4 million on the sale and restructuring costs associated with the sale of the Landmark Financial Services loan and deposit books. However, AWB also said that it is still optimistic for the full year. The full year profit before tax and one-time items guidance of the company remained unchanged at $A85 million to $110 million.