International News

Billabong half-year losses widen, US returns to profitability

March 28, 2017

Surf group Billabong said net losses widened for the prior six months, as total sales for the December-half fell 9.6 per cent to US$393.67 million. Billabong said earnings before interest tax depreciation and amortisation before one-off costs fell 21.1 per cent to $29.3 million, on the back of a sales slump in Asia Pacific and Europe. Hurt by the earnings widening, Billabong saw a net loss of $16.05 million for the six months ending December, compared with a loss of $1.58 million for the same period last year. The group said it had clocked up $10.5 million in one-off costs including redundancy expenses, adding to the woes.