NetSol Technologies, which provides software to the leasing
industry, reported a net loss of $1.5m (€1.1m) for the three months
to 30 September 2011.
The company, which recorded net income of $1.6m for the same
period last year, said the loss reflected a more prolonged sales
cycle amid global economic challenges.
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NetSol,
which recently bought out UK-based leasing management firm VLS in a
joint venture with Investec Asset Finance, reports the
financial data as the first quarter of the 2012 fiscal year.
Total revenue for the quarter was $6.2m, down from $8.4m in
2010.
License revenue totalled $1.1m for the quarter, down from $3.5m
for the same period last year while maintenance revenue increased
to $2m, up from $1.7m in 2010. Services revenue was $3.1m, compared
with $3.3m year-on-year.
Operating expenses for the quarter were $3m, down $0.2m from Q1
of fiscal 2011.
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By GlobalDataNajeeb Ghauri, chairman and chief executive of NetSol, said:
“Macroeconomic uncertainty continued to delay contracts, which
affected licensing revenues in the first quarter.
“However, our pipeline remains robust, and a number of new
initiatives, including the marketing of smartOCI in the United
States and Europe, along with the introduction of our LeasePak-SaaS
cloud-based product, are promising additional revenue streams.”
