Billabong cuts profit forecast on Japan

Billabong International says full year net profit is likely to fall by as much as 6% as the earthquake and tsunami in Japan hits the surfwear maker's operations.

Billabong said net profit for 2010/11 was likely to be 2% to 6% lower than a year earlier, revising an earlier forecast made in February that full year profit was likely to be flat.

A 6% decline would be equivalent to about $137 million, compared with the $145.99 (NZ$198) million profit recorded in 2009/10 for Billabong.

NZPA

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