The NetSol Technologies Ltd Pakistan (NetSol PK) has registered an increase of 124 percent in its net profit, while its revenue went up by 58 percent during first half of the financial year 2007-08.
NetSol announced on Monday its financial results of the first half of 2007-08 ending December 31, 2007 according to which the gross profit rose by 82 percent and its earning remained Rs 6.01 per share during the period under review. A stellar growth of the company continued in first half of 2007-08 and registered remarkable growth during the period.
Its reported revenues for the first half of Rs 567.455 million, representing an increase of 58 percent against Rs 359.075 million reported for the corresponding period of the last year. Gross profit rose by 82 percent to Rs 365.551 million, against Rs 200.561 million of last year.
NetSol PK reduced its cost of sales in the first half to 36 percent compared with 44 percent in the first half of 2006-07. As a result, gross profit increased to 64 percent against 56 percent in the corresponding period of last year. Earnings per share trended upward to Rs 6.01 per share, compared to Rs 2.68 per share of last year.
On the basis of impressive performance of the company during the first half of the fiscal year 2007-2008, the board also announced 20 percent stock dividend to its shareholders.
Chairman and Chief Executive Officer NetSol Technologies Salim Ghauri said that the financial results of first half of 2007-08 were very satisfactory, especially in the backdrop of highly uncertain political situation in the country. This showed that NetSol was maintaining impressive growth pattern and the confidence of its international customers was multiplying with every passing day.
He said the NetSol Pakistan expected the current growth pattern would continue for the second half of the financial year, as the company capitalises on its leadership position in the information technology (IT) sector of Pakistan.