Kitex Garments falls 15% on weak Q3 results

The stock dipped 15% to Rs 246 after the company reported 45% YoY decline in its net profit at Rs 176 million for the quarter ended December 2017.

Kitex Garments has dipped 15% to Rs 246 on BSE in noon deal trade in otherwise firm market after the company reported 45% year-on-year (YoY) decline in its net profit at Rs 176 million for the quarter ended December 2017 (Q3FY18), due to higher expenses. The textiles company had profit of Rs 318 million in a year ago quarter.

Operational revenue during the quarter under review rose 3.4% to Rs 1,473 million from Rs 1,424 million in the corresponding quarter of previous fiscal. Total expenditure increased 16% to Rs 1,180 million on Y-o-Y basis.

At 12:05 pm; the