AWB has posed a 53.3% fall in full year earnings, announcing a net profit of $27 million after tax, compared to $58.2 million last year.
Both the reported and underlying full year results showed a significant decline from the prior year, due to the impact of the drought in Australia.
"This year was affected by a full year of drought, whereas last year it was really only the second half," said AWD managing director, Gordon Davis.
Nevertheless, Mr Davis also said that despite the livestock and rural industry businesses enduring one of the worst droughts on record, all divisions had still maintained profits.
The underlying profit before tax, amortisation and significant items, while falling to $91.789 million from $147.107 million, was in line with the company's guidance.
"In the broad sense we see a very positive view for agribusiness globally," said AWB Chairman, Brendan Stewart.
According to Mr Davis, this positive outlook was due to the international growth of the biofuels industry, the global shortage of agricultural commodities and record agriculture commodity prices
Furthermore, wheat prices have remained very strong due to demand from Asia and government policies promoting biofuels.
Mr Davis said the company had benefited from diversification and was moving away from the single desk system for bulk wheat sales.
"Approximately 40 per cent of our business earnings are generated offshore and therefore not affected by drought in Australia, and only 10% of earnings are directly related to Australian bulk and wheat exports," he said.
The company said a stronger performance was recorded in its rural services and international commodity management divisions.
AWB's Landmark rural services business had performed strongly in fertilisers, real estate and wool, and the Landmark Financial Services operation was continuing to grow organically.
Meanwhile, AWB's international commodities business has seen strong profit growth on the back of good global trading conditions and is now well positioned to take advantage of the positive global agriculture outlook.
The company has been undergoing an extensive restructuring, including staff redundancies, which has cost almost 22 million dollars thus far.
"The management team have successfully stabilised operating performance and are now increasingly focused on the next phase – growing the business."
Mr Davis said the results demonstrated underlying resilience in the business and highlighted the benefit of the company's diversification strategy.
"Our overall strategy will increase shareholder returns by continuing to rebuild and grow the business domestically and internationally," he said
"In any scenario AWB's future will not be the same."
Shares in AWB rose by 2.24% today to close up by 6 cents at $2.74.
