NetSol Technologies Ltd. releases 3rd Quarter results

LAHORE –– NetSol Technologies Ltd. (Pakistan), (NetSol PK), a significant division of NetSol Technologies, Inc. (NASDAQ: NTWK) servicing the Asia-Pacific region, today announced financial results for the 3rd Quarter 2010-11, ended March 31, 2011.

Revenues increased 25.44% over corresponding quarter 2009-10.
Gross profit rose 21.42% over corresponding quarter 2009-10.
Net income increased 34.13% over corresponding quarter 2009-10.

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% 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% 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% of revenue as against 33.40% of last fiscal. As a result, gross margin reduced to 64.50% compared to 67% in the corresponding fiscal Quarter. Moreover, the company’s net profit margin improved significantly, approaching 48%, compared to 45% 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.

Salim Ghauri, Chairman and Chief Executive Officer of NetSol Technologies Ltd. (Pakistan) and President of the Asia-Pacific division of NetSol Technologies, Inc. said, “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.

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