On Wednesday Netsol Technologies announced their financial results for the half year ended December 31, 2018. The company reported a profit of Rs. 666 million, that is an increase of 9.54% compared to Rs. 608 million in the corresponding period last year.
According to sources, the revenue of the company clocked in at Rs. 2.61 billion for the half year, which was up 33.85% against Rs. 1.95 billion in the same period last year. Netsol drives most of its income from IT exports, a growth of 25.15% in its gross profits have been reported overall.
Over the years, Netsol’s focus has been on the promotion and delivery of its lease-finance software and services within key markets of the Asia-Pacific region. As a result their selling and promotion went up by 55% to Rs. 263 million while its administrative expenses grew by 37% during the half year to Rs. 441 million as compared with Rs. 322 million in the period under view.
Moreover, other income of the company was reported at Rs. 362 million, up from Rs. 288 million. It is said that the earnings per share of the company have increased to Rs. 7.43 from Rs. 6.78 during the half year.
President and Head of Sales Naeem Ghauri speaking on the occasion said, “NETSOL’s total global pipeline remains robust, especially in our APAC region, where we are seeing demand grow for both our products and services. Additionally, we are continuing to benefit from our local business knowledge and strong relationships as many of our competitors struggle to establish a presence in the region. Going forward, we are cognizant of the various, emerging macro-economic challenges in China and will continue to monitor these issues closely.”
He further added, “However, we are still seeing healthy interest from our existing customers who are investing in our systems to derive additional efficiencies that should aid them in addressing potential corrections in their respective markets. Looking ahead to the remainder of the year, we are currently in good positioning on a number of customers ‘shortlists’ for large-scale programs where we believe we have a good chance of success and remain bullish on our forecasts for fiscal 2019.”
Overall, Netsol’s scrip at the bourse has closed at Rs. 87.12, down by 4.58 or -4.99%, with a turnover of 2.22 million shares.
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