Troubled surfwear company Billabong has made a net loss of $860 million with major writedowns and a drop in revenue.

The 2012/13 result was affected by $867 million in significant items, including more than $604 million in writedowns in the value of goodwill, brands and other intangibles.

It also included a $129 million writedown as a result of transactions involving US brand Nixon.

Meanwhile, revenue was down 12.6 per cent, in constant currency terms, to $1.35 billion.

Billabong’s 2012/13 result follows a $276 million loss in 2011/12.

It has been a difficult 12 months for the company, which has been the subject of a number of takeover bids during the year.

The company last month reached a $US294 million ($A325 million) deal with US-based Altamont Capital Partners which will allow it to repay its existing debts.

But two US hedge funds, Centerbridge and Oaktree, have since approached Billabong’s board with their own recapitalisation plan, which they say provides Billabong with greater flexibility to address its financial problems.

Billabong has confirmed it its considering the fresh offer.

Billabong chairman Dr Ian Pollard said the task of managing the multiple bids and refinancing proposals had been distracting for the company but, he said, the company had achieved a number of important reforms.

They included progress on efforts to sell Canadian retail chain West 49, cost savings and simplification of its businesses.

“We are nearing the end of a long process that has caused distraction, impacted on staff morale and has been very costly,” he said in a statement on Tuesday.

“The company looks forward to refocusing, reinvigorating its brands and rebuilding the business on a solid, long-term financial footing.”