The nation's biggest state-owned science company, AgResearch has posted an after-tax loss of $754,000, in the year to June 30, compared with a $3.05 million surplus in 2008.

The crown research institute had budgeted for a deficit of $4.94m It notched up operating revenue of $155.11m -- close to its budget -- and better than last year's $149.28m.

CRIs were set up to carry out research supporting the wider economy, rather than to return direct dividends to the crown.