Billabong flags fall
BILLABONG International Ltd has forecast a fall in net profit of up to 6 per cent as the earthquake and tsunami in Japan hits the surfwear maker’s operations. The company said net profit for 2010/ 11 was likely to be 2 to 6 per cent lower than a year earlier. A 6 per cent decline would be equivalent to about $ 137 million, compared with the $ 145.99 million profit recorded in 2009/ 10 for Billabong. Billabong, which has 44 company-owned stores in Japan, said its warehouse had not suffered any direct physical damage from the earthquake and tsunami.