T-shirt maker Gildan Activewear has reported an increased fourth-quarter profit on higher sales and a drop in raw material costs.

Gildan's quarterly profit totalled US$29.2m compared to $16.8m in the same period last year, as revenue grew 24% to $180.7m from $145.6m a year ago.

The company said full-year net earnings were $86.0m compared to $60.3m last year.

Gildan Activewear is a vertically-integrated marketer and manufacturer of branded basic apparel.