At Billabong’s annual shareholder’s meeting today CEO Derek O’Neill explained a down year as well as the negative effects of the rising value of the Australian dollar, according to a story in the Sydney Morning Herald.
. . .after-tax profits had dropped more than 13 per cent to $152.8 million last financial year. . . O’Neill said the company’s net profit after tax would decrease by $500,000 for each one cent rise in the monthly average value of the Australian dollar against the US dollar.
For Billabong’s sake let hope the Australian dollars bites down hard in the next few months.
[Link: Sydney Morning Herald]
