Lahore-based software giant has had a great year. Latest financial results (unconsolidated) released to the PSX today showed that NetSol Technologies reported a consolidated after-tax profit of Rs. 1.22 billion, up by a massive 270.82% for the nine months that ended on March 31st, 2018, as compared to a profit of just Rs. 329 million in the same period last year.
One of Pakistan’s most prominent software houses, NetSol Technologies Limited (PSX: NetSol), has been around for a while. The Lahore-based firm derives a majority of its revenues from overseas, mainly from four to five countries in the Asia-Pacific (APAC) region.
The earnings per share of the company increased to Rs 13.67 as compared with Rs 3.69 in the same period of the previous year.
The company’s revenue increased by merely 3.85% as compared to last year as the gross profit saw an increase of 36.84% to Rs 1.56 billion.
The company was able to more than double its bottom line in the period, besides significantly improving its operating and net margins compared to the same period last year.
The handsome gains on foreign exchange translation helped bloat ‘other income’ and minimize ‘other expenses’ during the period as the other income saw an increase of 431.73% to Rs 553 million as compared with Rs 104 million in the corresponding previous year.
Netsol’s script at the bourse closed at Rs 84.12, which hit its upper circuit breaker of 5% after the announcement of the result with 2.36 million shares traded.
NetSol Technologies, Inc. designs, develops, markets, and exports software products to the automobile financing and leasing, banking, and financial services industries worldwide.
The firm’s majority shareholding rests with the NetSol Technologies, Inc, which has offices in Pakistan, USA, UK, China, Australia and Thailand.