Australian agribusiness GrainCorp has reported a full year loss, as the company received lower amounts of grain due to the severe drought in Australia.

The company posted a loss after tax of A$18.2m (US$13.1m) for the year to 30 September, compared to a profit of $48.6m for the previous year. In May, the company had forecast a loss of $19-20m.

Revenue fell 26% to $512.9m, while EBITDA fell to $34.1m from $125.6m.

"The drought undoubtedly had a dramatic impact on the company's key business drivers this year. Despite this, our success in managing costs, containing capital expenditure and minimising the impact on the company's financial performance was pleasing," said Tom Keene, managing director of GrainCorp.