NetSol Technologies Limited, Pakistan on Saturday announcing the financial results for the second quarter of 2010/11, said its revenues increased by 18.3 percent over the second quarter of 2009/10 to Rs549 million.
Gross profit rose by 63.5 percent of revenues during the quarter ended December 31, net income slightly decreased due to the loss on revaluation of foreign currency transaction, the company said in a statement.
NetSol Pakistan’s gross profit rose to Rs349 million during the period under review, as compared with Rs294 million reported in the same period last year. Cost of sales slightly reduced to 36.5 percent of revenue against 36.8 percent last year. As a result, gross margin improved to 63.5 percent from 63 percent in the corresponding period of last fiscal.
The company posted net profit of Rs193.8 million as compared with Rs205 million a year ago. Consolidated diluted earnings per share of the company were 2.37 rupees as against 57 rupees per share reported in the corresponding period of 2009/10. Main reason of this slight decline in earnings is the loss on revaluation of foreign currency.
“We are pleased to announce that NetSol Pakistan closed several significant deals in the captive finance sector of Asia-Pacific region this quarter,” said NetSol Pakistan Chairman Salim Ghauri.
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