Billabong has posted annual results showing that its core brand is now worthless as losses more than trebled, closing off a horrible year for the Australian surfwear group.
Massive impairment charges and write downs totaling almost A$870 million saw Billabong report a full-year loss of A$859.5 million, sending its shares down as much as 16 percent in Tuesday morning trading. That compared with a loss of A$275.6 million for the previous year.
(Read more: Billabong shares plummet after takeover talks end)
Even before the impairments on goodwill, the value of brands and other intangibles, profits were hit by weak trading and store closures. Adjusted profit from the normal operation of the business was just A$7.7 million, down 77.1 percent from the previous year on sales that were down 13.5 percent to A$1.34 billion.