Pacific Brands announces improved result, says 2015 a turnaround

Pacific Brands has achieved an improved result for the financial year, in which it focussed its business by selling off over $200 million in assets.

The net loss of $97.7 million was largely the result of non-cash impairments in the year’s first-half, reports the Herald Sun.

The result included an underlying net profit of $37.5 million and an increase in sales of 13 and 15 per cent for its flagship Bonds and Sheridan brands. During the year it sold off assets including its workwear division and its Dunlop and Slazenger brands.

CEO David Bortolussi told Fairfax that 2015 was a turning point for the company, and the board planned to resume paying dividens to shareholders in the first half of 2016. The falling dollar was a concern, however.

The net loss is its fourth in five years, and sees the company a fraction of the size it was when it announced it would make 1,800 Pacific Brands workers redundant and move production to China in 2009.