Pacific National has blamed floods and industrial action for a $59 million net loss in the last financial year. It comes amid an 11 per cent earnings slump and the disclosure of a tax audit related to acquisition accounting.

Losses taken by the private company, which is owned by a consortium of pension and investment funds and has been chaired by Catherine Livingstone since March, narrowed in the 12 months to June from $95 million a year earlier due to an $87.5 million tax benefit.