Australian-based manufacturer and distributor Beyond Sportswear International (BSI) has reported a significant loss for the 2012 financial year.
The company, which also reported a drop in total revenue for the half year ended December 31, has now suffered a net loss after tax (NLAT) of $4.06 million. This compares with a net profit after tax (NPAT) of $0.25 million.
BSI directors said the results reflect the inclusion of $4.2 million of non-recurring coasts and the write-down of goodwill and the Kea brand as a result of a “proposed strategic alliance with a prominent player in the apparel business in Australia”.
Commenting on the market and the forecast ahead, the company said that the environment in which it is operating remains challenging; but “a number of initiatives” have been put into play to respond to these challenges.
These include the strategic alliance in relation to the Kea business and “a 'spin-off' which will complement the ongoing cost reduction exercise”.