AWB Ltd reported a net loss of $64.8 million for the half and a profit before tax and significant items of $32.8 million for continuing businesses for the half year to end of March.

Chief executive Gordon Davis said the net result reflected the impact of two significant items: settlement of the Watson shareholder class action for $39.5 million (pre tax) and the loss on sale and restructuring costs associated with the sale of the Landmark Financial Services (LFS) loan and deposit books of $65.4 million (pre tax).

Davis said the company is confident of a stronger second half in Rural Services following good autumn rains, increased 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," said Davis.

Davis also reported the company raised approximately $439 million of funds in November 2009 to repay corporate debt. In addition, $149 million of capital has been released following the sale of the LFS loan book.

AWB expects additional capital by June 30 upon completion of the commodities transaction with Gavilon.

"Overall we remain focused on organic growth opportunities arising within our continuing businesses, while looking at a number of potential investment and acquisition options to build more sustainable earnings for the benefit of shareholders. Growth opportunities are likely to arise within sectors along the agricultural value chain adjacent to our current businesses that will allow the company to leverage its existing core capabilities," said Davis.