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02-17-2011, 07:17 PM
SYDNEY (MarketWatch) -- Surfing brand Billabong Ltd. said Friday that its fiscal first-half net profit declined 18% to 57.2 million Australian dollars ($57.8 million). Revenue rose 15.7% to A$837.1 million. The firm cut its interim dividend payout to 16 Australian cents a share, from 18 cents in the year-ago period. "The strength of the Australian dollar, principally against the euro and the U.S. dollar had a significant adverse impact on the translation of the group's reported results," it said. The firm expects fiscal-year sales of A$1.7 billion at current exchange rates, up 25% in constant currency terms from last year. Net profit for the year is expected to be flat in constant currency terms.
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