Ravensdown shareholders will miss out on a rebate for the first year in the fertiliser company's 35-year history after a loss-making operation in Australia caused a profit plunge.
The company has reported a profit before tax of $6 million, down $46 million on its 2012 result.
Last month, Ravensdown announced it was seeking to exit its unprofitable operations in Western Australia.
In a statement yesterday, chairman Bill McLeod said it had been ''an atypical year'' for the company and the ''unacceptable'' result had already prompted decisive action.
The company had initiated a wide-ranging strategic review with the aim of freeing up capital, reducing risk, improving operating profit and lowering its debt position.
As well as exiting its Western Australian business, it was also selling its stake in the South Australian joint venture Direct Farm Inputs.
When factoring out the Australian businesses that were being sold, profit before tax for continuing operations was $29 million.
The losses from those Australian operations were $23 million before tax. Assets yet to be sold from the discontinuing operations amounted to $134 million, the majority stock and debtors.
While it was ''extremely disappointing'' to not be paying a rebate, the company was strongly positioned to keep fertiliser prices competitive, contain costs and to continue investment in nutrient science, research, technology and training, Mr McLeod said.
Revenue was $1.04 billion, down from $1.07 billion last year, net debt requirements were down $98 million and group fertiliser sales volumes were down 4.4% to 1.49 million.
The company's core fertiliser business was hit by the once-in-30-year drought but remained strong. Recent currency and commodity movements had put Ravensdown in a solid financial position for the coming year, chief executive Greg Campbell said.
Losing profit from the company's eco-n product, due to suspension, and the cost of stock disposal had an impact of $4 million, he said.
