NetSol Shows Growth in Q1 2010; 4.5% Increase in Revenue

NetSol released its first quarter revenue report today. According to report, the first quarter revenues of the company stay on Rs. 424 million ($4.90 million) with an increase of 4.5% from the last year statistics when the revenue was Rs. 406 million ($4.69 million) for the first quarter.

According to the company, the gross profit in the first quarter rose by 10.19%, i.e. Rs. 267 million ($3.09 million) as compared to the first quarter of 2009-2010, i.e. Rs. 242 million ($2.80 million).

NetSol is of the view that the reason behind the improved gross margin is that they reduced the cost of sales during the first quarter of 2010-11 to 37% of revenue which is 3% less from the last fiscal year. The gross margin stayed on 63% with an increase of 3% from the corresponding fiscal year.

A slight decrease of 2% (53% to 51%) has been seen in the company’s net profit margin from the previous year. a slight decrease in diluted earnings per share has also been seen. The new diluted EPS remained Rs. 2.62 per share which was Rs. 2.67 per share in the corresponding fiscal year 2009-10.

The major reason for this slight decrease in net profit margin and diluted EPS is donation given in flood relief activities.

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

We are contented to announce that NetSol PK closed two major deals in the captive finance sector of Asia-Pacific region this year. Our more recent stream of contracts wins shows that NetSol PK will continue to generate meaningful interest and demand for its products and services in the Asia-Pacific region. Our business path will give us a strong bas for future growth.

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