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NetSol Technologies Ltd. (Pakistan), (“NetSol PK”), a significant division of NetSol Technologies, Inc. servicing the Asia-Pacific region, today announced financial results for the 3rd Quarter 2009-10, ended March 31, 2010.
3rd Quarter 2009-10 Financial Highlights
• Revenues increased 132 % over 3rd Quarter 2008-09
• Gross profit rose 2166 % over 3rd Quarter 2008-09
• Net income increased Rs. 354 million over 3rd Quarter 2008-09
NetSol PK is pleased to report solid growth during the 3rd Quarter as it reported revenues of Rs 492 million (US $ 5.81 million), which represents a 132 % increase as compared to Rs 212 million (US $ 2.51 million) reported for 3rd Quarter 2008-09. Gross profit in the fiscal year rose 140 % to Rs 864 million (US $ 10.21 million), as compared to Rs 361 million (US $ 4.26 million) reported in the 3rd Quarter 2009-10.
NetSol PK reduced its cost of sales during the 3rd Quarter 2009-10 to 33 % of revenue as compared to 93 % of last fiscal. As a result, gross margin improved to 67 % compared to 7 % in the corresponding fiscal Quarter. Moreover, the company’s net profit margin improved significantly, approaching 45 %, compared to -62 % achieved a year ago. Diluted earnings per share showed upward trend to 2.90 Rupees per share (US $ 0.03 per share), compared to -1.73 Rupees per share (US $ -0.02 per share) reported in the corresponding period of 2008-09.
Salim Ghauri, Chairman and Chief Executive Officer of NetSol Technologies Ltd. (Pakistan) and President of the Asia-Pacific division of NetSol Technologies, Inc. stated, “We are pleased to announce that NetSol PK closed several significant deals in the captive finance sector of Asia-Pacific region this quarter.” Mr. Ghauri further commented, “Our recent stream of contract wins demonstrates that NetSol PK continues to generate significant interest and demand for its products and services in the Asia-Pacific region, and our business pipeline gives us a strong foundation for future growth.”
