Billabong sales lift 19.6% in currency terms in Europe
22 Feb '08
3 min read
Billabong International Limited announced a net profit after tax (NPAT) of $88.7 million for the six months to 31 December 2007. Billabong International Limited chief executive officer Derek O'Neill said underlying NPAT growth was 13.1% in constant currency terms, after excluding $6.3 million in one-off tax benefits in the prior year period.
With the prior year's one-off tax benefits included, NPAT was up 4.7% in constant currency terms, or down 2.0% in reported Australian dollars, reflecting the significant appreciation in the Australian dollar, in particular against the US dollar.
Group sales for the period rose 15.8% in constant currency terms (up 8.4% in reported Australian dollars) to $662.0 million, with all key regions showing double-digit revenue growth in constant currency terms.
Sales in Europe lifted 19.6% in constant currency terms, or 15.5% in reported Australian dollars, to $143.4 million. In the Americas, sales lifted 13.2% in constant currency terms, or 0.4% in reported Australian dollars, to $287.5 million.
The Australasian region had sales growth of 16.8% in constant currency terms, or 15.3% in reported Australian dollars, to $231.0 million. The higher growth reflects the first-time inclusion of sales from South Africa, a region that was converted from a licensed to wholly-owned operation at the start of the half year period.
Group EBITDA of $147.3 million was up 12.5% in constant currency terms, or 6.2% in reported Australian dollars. Overall earnings per share were up 4.9% in constant currency terms, or down 2.0% in reported Australian dollars.
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