By  on December 12, 2008

Shares of Gildan Activewear Inc. dropped 35 percent Thursday after the firm said fourth-quarter profits were almost cut in half and provided gloomy assessments for earnings, revenues and margins in the new year.

In the three months ended Oct. 5, net income fell 47.6 percent to $21.4 million, or 18 cents a diluted share, from $40.9 million, or 34 cents, in last year’s quarter. Excluding a one-time income tax charge reflecting a final agreement with the Canada Revenue Agency after an audit, EPS was 41 cents, 2 cents lower than analysts expected.

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