The loss is attributed to weak business in America. Sales improved by 4.5% to 565.4 million dollars. A dividend was not distributed due to the poor result.
CEO Neil Fiske said that European business has improved significantly and the Asian market was also bringing satisfactory results. The company’s position should be re-stabilized thanks to internal changes.
Billabong shares have been low for a long time as the company has published poor business figures. Founder Gordon Merchant has been purchasing shares en masse recently.