Elders has posted a $395.4 million annual loss but said its underlying performance had improved and forecast an improved performance for the current fiscal year.
The company's net loss for the year to September 30 is worse than its $217.6 million loss for the previous corresponding period.
Elders' forestry assets, currently being sold off, contributed $335.4 million of the group's loss for the 2011 fiscal year.
A further $64.6 million of losses came from other non-recurring items, including negatives from divestments or discontinued operations, Elders said.
That leaves an underlying profit after tax of $4.7 million for the year to September 30, up from a $15.1 million loss in the previous corresponding period, the the Adelaide-based company says.
Underlying earnings before interest and tax (EBIT) was $33.7 million, up from $2.6 million.
Managing director Malcolm Jackman said the underlying results reflected a turnaround by Elders' rural services network and a steady performance by the Futuris automotive interior design business in tough market conditions.
"After a difficult start to the year, seasonal conditions have been positive and we are starting to see the benefits of the investment made in business transformation over the past three years as the business has clearly turned around," he said in a statement.
Further improvement was expected in the current year, Mr Jackman said.
"Seasonal and market conditions will have a high degree of influence on our result as always," he said.
"But with that qualification, our rural services business goes into the new financial year with momentum from the turnaround in network operations, and with its trading operations on the rebound after what was a very disrupted year in 2011.
"Automotive sales are expected to expand with the ramp-up of new long-term contracts."
The rural services business supplies products and services to farmers, and operates livestock, food and fibre trading.
No dividends will be paid by Elders for the year to September.
