NetSol announces financial results

The NetSol Technologies Limited (Pakistan) has announced financial results for the first three quarters of fiscal year 2008, ended March 31.
A spokesman said they were pleased to report solid growth during the first three quarters as it reported revenues of Rs 893.43 million (US $14.50 million), which represents a 40.16 percent increase as compared to Rs 637.46 million (US $10.48 million) reported for the same period last year.
Gross profit in the first three quarters rose by 59.59 percent to Rs 559.68 million (US $9.07 million), as compared to Rs 350.69 million (US $5.78 million) reported in the first three quarters of fiscal year 2007. NetSol reduced its cost of sales in the first three-quarters to 37.36 percent of revenue as compared to 44.99 percent in the first three-quarters of 2007. As a result, gross margin improved to 62.64 percent compared to 55.01 percent in the corresponding period of last year.
Moreover, the company's net profit margin improved significantly, approaching 50.63 percent compared to 35.72 percent achieved in the same period a year ago. Diluted earnings trend per share moved upward to Rs 7.57 per share (US $0.12 per share), compared to Rs 3.81 per share (US $0.06 per share) reported in the corresponding quarters of fiscal year 2007.
NetSol Chairman and Asia-Pacific division Chief Executive Officer and President Salim Ghauri said an exponential growth in NetSol net profit during first three-quarters of fiscal year 2008 suggests a bright future ahead. He said NetSol was amongst the first 100 companies world-wide to be assessed at CMMI Maturity Level 5 and NetSol has been a pioneer in Pakistan in achieving SW - CMM/CMMI certifications.
"Today, NetSol is operating all across the globe and new opportunities are arising fast for its services with every passing day. NetSol has been topping IT exports consecutively in Pakistan since last five years and it has won many local and international awards during the period including APICTA Award, Best IT Employer Award, Pasha ICT Award and many more.