By  on February 22, 2013

SYDNEY Billabong International Ltd has reported a first-half record loss that is bigger than its market cap.

The Gold Coast-based surfwear manufacturer said Friday it posted a net loss of 537 million Australian dollars, or $550.19 million, for the six months ending Dec. 31. That compares with a 16.1 million Australian dollar, or $16.5 million, profit from the same period a year ago.

Billabong's market cap is currently 421.5 million Australian dollars, or $432 million.

Billabong said 567 million Australian dollars, or $581 million, worth of impairment charges and other write downs contributed to the loss. The company was forced to disclose 270 million Australian dollars, or $277 million, worth of borrowings from banks as current liabilities on its balance sheet, the result of breaching its debt covenants.


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