PGG Wrightson has posted a $306.5 million annual net loss due to another write off, this time of $321 million.
As well, operating profit for the troubled rural services company fell 17% to $45.7 million for the 12 months ended June - almost $10 million down on the previous year's $55.1 million.
PGG Wrightson said the goodwill write-off relates to the merger which created it in 2005.
Chief executive Mark Dewdney, who took over six weeks ago, said drought in the North Island and Australia, as well as reduced prices for key agricultural commodities, made late-autumn trading conditions challenging.
"There were ups and down across all the businesses we operate in, and the sum total of that was $10 million down on the year prior at an operating level," Mr Dewdney said.
"Of that $10 (million), about $4 (million) was inventory writedown and $6 (million was just the combination of trading achievements across the businesses."
Retail, wool and irrigation businesses performed strongly but conditions were more challenging for livestock, real estate, seeds and grain.