Corporate cropper AACL has posted a $1.9 million first half loss following a difficult year for grain growers across the country with drought in some areas and flooding rain in others.

However the company said lower yields and grain quality had been partially offset by higher grain prices and the company expected to return a full-year profit.

AACL chairman and chief executive Peter McEwen said the half-year results reflected the seasonal nature of the business.

"We are looking forward to a return to profitability in 2011 and have commenced work to secure Grain Co-Production contracts for the new season," he said.

"We approach the 2011-12 season with more stability, supported by our three-year funding arrangement with Glencore Grain.

"We have revised our product so it will better deliver risk and return between the grower and the investor."

The company forecast a full-year pre-tax profit of $0.6 million.