After reporting year end numbers for fiscal 2010, Billabong shares dropped 13 percent according to a story on Goldcoast.com.au.
Billabong yesterday posted a $146 million bottom-line result, down 4.5 per cent on last year’s result. . . This year’s profit was again impacted by a higher Australian dollar, but investors sold off the stock due to weakliness in the company’s key overseas markets as well as Australia.
Derek O’Neill is right (click here for video). Being down only 4.5 percent in 2010 is pretty good. Apparently, Australian traders do not agree.
[Link: Goldcoast.com.au and Heraldsun.com.au]
I hate it when I show weakliness….
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