Greek knitted fabrics maker Fieratex on Wednesday posted a huge leap in nine month pre-tax profit and acquired four Bulgarian clothing companies for $2.4 million.

The firm reported a pre-tax profit of $270,000 for the January to September period compared to $52,000 in the year-ago period but said turnover for the nine months was flat at $26.5m.

It added that through its subsidiary H Xanthopoulos it had acquired four Bulgarian apparel producers as part of its strategy to source offshore and take advantage of lower labour and production costs.