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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
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