NetSol Technologies Profits reported an after-tax profit of Rs. 158 million which is up to 35% higher as compared to profit of just Rs. 117 million in the same period last year. Netsol is also listed on the National Association of Securities Dealers Automated Quotations (Nasdaq).
No cash dividend, bonus or right shares were announced by the company.
Earning per share increased to Rs. 1.59 this quarter as compared to Rs. 1.09 in the same period of last year.
At the end of the quarter, the company’s selling and promotion costs decreased by 20% to Rs. 70 million over the previous quarter and administrative expenses also decreased by 4.22% to Rs. 159 million.
The operating profit increased to Rs. 174 million, up by 39% as compared to last year.
Gross profit for the quarter decreased to Rs. 291 million which is down to 30.88% as compared to last year’s gross profit.
At closing, NetSol’s script was closed at Rs 67.31 up by (4.36%) with a turnover of 0.13 million shares only at the bourse.
The Lahore-based software giant has had a great year in FY17. Latest FY 17 financial results (unconsolidated) in September showed that NetSol Technologies Limited (PSX: NetSol) recorded highest-ever top-line in a year.
NETSOL Technologies, Inc. (NASDAQ:NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. It is regarded as one of the most successful software development firms emanating from the nation.
It also has a vast roster of clients, including significant presence in China, Japan, Croatia, Thailand, and Australia. Many large automobile manufacturing firms have been loyal clients for decades.
They provide very good Support, and they are loyal to long term support.
Finally a good first comment on Pro Pakistani article that actually delivers some information.
Where is abdul Wahab ?
NetSol is truly pride for Pakistan. Great job Saleem Gauri. Wish they do more expansion in Pakistan as we want them seeing a company of 10,000 IT professionals in Pakistan like we see in India.
Full Year Fiscal 2017 Financial Results
Total net revenues for fiscal 2017 were a record $65.4 million, compared to $64.6 million in fiscal 2016. The increase in total net revenues was primarily due to a $8.5 million increase in license fees, offset by a $8.5 million decrease in service revenues.
Total license fees were $18.5 million, compared with $10.0 million in the prior fiscal year.
Total maintenance fees were $14.5 million, compared with $13.7 million in the prior fiscal year.
Total services revenues were $32.4 million, compared with $40.9 million in the prior fiscal year.
Gross profit for fiscal 2017 decreased to $28.4 million (or 43.5% of net revenues) from $30.8 million (or 47.7% of net revenues) for fiscal 2016. The decrease in gross profit was primarily due to a $3.2 million increase in the cost of sales.
Operating expenses for fiscal 2017 increased to $29.4 million (or 45.0% of net revenues) from $24.5 million (or 38.0% of net revenues) for fiscal 2016. The increase in operating expenses was primarily due to an increase in selling and marketing expenses of $1.9 million, an increase in the provision for bad debts of $1.2 million, and an increase in general and administrative expenses of $2.0 million.
GAAP net loss attributable to NETSOL for fiscal 2017 totaled $5.0 million or $(0.46) per diluted share, compared to net income of $3.4 million or $0.32 per diluted share for fiscal 2016. The GAAP net loss was primarily due to the increase in cost of sales of $3.2 million and the increase in total operating expenses of $4.9 million.
Non-GAAP adjusted EBITDA for fiscal 2017 totaled $2.8 million or $0.26 per diluted share, compared with $9.1 million or $0.86 per diluted share in fiscal 2016 (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).