Surfwear retailer Billabong has posted a net loss of $16.05 million for the six months ended December 31.
While earnings soared by 159% in the Americas, it was weak conditions in Asia-Pacific and Europe that drove down the result.
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 21.1% to $29.3 million.
Total group sales also plunged 9.5% to $508.3 million.
Billabong chief Neil Fiske said he expected a lift in the second half of the financial year.
“We’re seeing a strong profit lift in the Americas and our key initiatives are set to deliver substantial margin improvements."
The surfwear giant announced the sale of its Tigerlily brand this week in a bid to pay down bet.
The Group has lowered its EBITDA for fiscal 2017, from $60 - 65 million to $52 to $57 million.
In addition to strong growth in the Americas, revenue from eCommerce grew 22.7% in the first half.
This was again driven by a 41.5% pcp gain from Brand Billabong in North America.