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 stock was trading 14% lower at Rs 250, as compared to 0.62% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 832,173 shares changed hands on BSE and NSE so far.