Billabong International Ltd., the biggest publicly traded surf wear retailer in the world, posted a decline in the net income for the first half of the current fiscal. The company reported today that the net income for the first half decreased by 15%.

The company said that the decreased profit was reported mainly because of the slowdown in the U.S. and also the strong Australian dollar made an impact on company’s earnings.

Billabong posted the first half net income of A$69.7 million or 27.6 cents per diluted share while in the first half of previous fiscal the company posted net income of A$82.4 million or 37.8 cents per share. For the period, the company reported the revenues of A$723.6 million decreasing by 11% as in the same period last year the company reported the revenues of A$811.0 million. The EBITDA for H1 was posted of A$123.5 million, decreasing by 9.5% when compared to the first half of previous year. In H1, the gross margin was reported 53.8% while in the same period last year it was reported 55.5%.

The company reported a decline in all sections of business worldwide though in the Australian region its performance was even better than other regions. In North America region the EBITDA was posted A$33.7 million decreasing by 17% and the revenue was decreased by 18% to A$317.5 million. In the Australasian region earnings were posted A$59.7 million decreasing by 14% and the European earnings were posted A$29.1 million down by 19% in the first half of the fiscal.