Billabong International Ltd
(ASX:BBG) has reported a net loss (after tax) of $23.7 million in FY16.
In contrast, Billabong posted a net profit of $4.2 million in FY15. The company says more than two-thirds of its net profit decline were due to higher tax expenses.
The surf clothing and accessories company also says total Group sales were up 4.6% to $1.1 billion, but down 1.4% on a constant currency basis.
The company says they will not be paying a dividend to shareholders.
