AWB Ltd
(ASX:AWB) has booked a net loss of $54.9 million for the year to 30 September, as the agribusiness moves closer to being taken over by Canada’s Agrium Inc. In its 2010 financial year unaudited results, AWB posted profit before tax of $79.3 million, which came in lower than its forecast.
AWB says its result was adversely impacted by settling the Watson class action, where AWB paid $39.5 million.
Also, selling the Landmark Financial Services loan and deposit books cost AWB $69.8 million.
Last week AWB announced Agrium had been granted approval from New Zealand regulators to proceed with its takeover that values AWB at $1.2 billion.
AWB posted a loss of $63.52 million in the six months to 31 March 2010.
