Surfwear company Billabong International Ltd on Monday posted a first-half net profit of $A70.1 million, up 73 per cent on the same period last year, and said it sees a 40 per cent net profit growth in 2004/05.

Billabong said its group sales revenue in the six months to 31 December 2004 rose 37 per cent to $419 million, up from $305 million in last year's first half.

Australasian sales rose 56 per cent to $161 million, in the Americas sales grew 46 per cent to US$128 million, and in Europe sales increased 11 per cent to €47 million.

Chief executive Derek O'Neill said all of the group's brands including Element, Von Zipper, Honolua Surf Company and Palmers Surf made a positive contribution to the result.

He added: "In the absence of any unforeseen circumstances, Billabong now anticipates the full year growth in net profit after tax and (earnings per share) EPS will be in the range of 40 per cent."