Billabong swings to $24 million loss

BILLABONG will not pay a dividend after swinging to a full-year net loss of $23.7 million on the back of higher tax expenses.

Kelly Slater winning the Billabong Pro Tahiti. Picture: @wsl

BILLABONG will not pay a dividend after swinging to a full-year net loss of $23.7 million on the back of higher tax expenses.

The surfwear manufacturer, which booked a net profit of $4.15 million in 2014/15, lifted revenue 4.5 per cent to 1.1 million in the 12 months to June 30.

Billabong said its tax-related expenses, compared to a tax credit it received the previous year, had wiped out its profit.