Billabong losses triple

Billabong, the troubled Australian surfwear brand, reported a net loss of A$859.5 million ($778 million) for the year ending 30 June, compared with a loss of A$275.6m a year ago. The results are much worse than expected even as the company has struggled to maintain sales in its U.S. and European markets. Billabong's shares fell 15% to 53.5 cents; the company rejected a takeover offer from private equity firm TPG Capital Management last year at A$3.50 a share that valued the company at A$850 million.