NetSol reports Rs 616m revenues

Communication and IT

LAHORE –– NetSol Technologies Ltd has announced financial results for the 3rd Quarter 2010-11, ended March 31, 2011. NetSol Pakistan has registered solid growth during the 3rd Quarter as it reported revenues of Rs. 616.62 million (US $7.21 million), which represents a 25.44 percent increase as compared to Rs 491.57 million (US $5.75.million) reported for 3rd Quarter 2009-10. Gross profit during the 3rd Quarter 2010-11 rose 21.42 percent to Rs. 397.50 million (US $4.65 million), as compared to Rs 327 million (US $3.82 million) reported in the corresponding period.

In addition, there is a slight increase in cost of sales of NetSol PK in 3rd Quarter 2010-11 to 35.50 percent of revenue as against 33.40 percent of last fiscal. As a result, gross margin reduced to 64.50 percent compared to 67 percent in the corresponding fiscal Quarter. Moreover, the company’s net profit margin improved significantly, approaching 48 percent, compared to 45 percent achieved a year ago. Diluted earnings per share trended upward to Rupees 3.68 per share (US$ 0.04 per share), compared to Rupees 2.90 per share (US $ 0.03 per share) reported in the corresponding period of 2009-10.

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