NetSol Technologies Ltd revenues have increased by 105% in 2nd quarter of 2009-10 comparing with the corresponding period.According to a press statement issued by the NetSol Technologies on the financial results for 2nd quarter of 2009-10 Wednesday, the Gross Profit of the company has increased by 67% of revenues in the same period against 36% increase in the corresponding period.
Similarly, the company has posted a net income of Rs196 million against Rs50 million in corresponding period of financial year 2008-09.
According to details, the NetSol Technologies has posted revenue of Rs418.83 million, which represents an increase of 105% as compared to Rs 2.4.54 million reported in the same period last year.
Similar, the Gross Profit for the period under review jumped to Rs280.97 million than 73.17 million reported in the same quarter of fiscal year 2008-09.
During the current quarter, the company posted net income of Rs196 million against a net profit of Rs50 million in the same period of fiscal year 2008-09.
The diluted earnings per share remained at Rs2.57 comparing to the earnings per share of Rs0.18 reported in the corresponding period of financial year 2008-09.
Commenting on the financial results of 2nd quarter of 2009-10, Salim Ghauri, Chairman and CEO NetSol Technologies Ltd, said the exponential growth in the NetSol earnings in first two quarters of the current fiscal suggest very bright prospects ahead.
He said the NetSol Technologies has made tremendous progress throughout the calendar year 2009, leading to the robust results of second quarter. Especially, he said the NetSol has penetrated the Chinese market aggressively and bagged some very important contracts in recent past.
According to him, an impressive revenues growth of the NetSol Technologies during the second quarter of the current fiscal comparing with the corresponding one also suggest that the NetSol Technologies has beaten the depressing economic trends, oozing out of the international recession of 2008.