Asset finance software provider NetSol Technologies has reported
net income of $1.7m (€1.3m) for the third quarter of its
fiscal year, ending 31 March.

The figure, although down 48% year-on-year from $3.3m, marks a
return to strength after the firm reported a Q1 loss of $1.5m
six months ago and a profit of just £320,000 in
Q2.

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The loss was attributed to a more prolonged sales cycle amid
global economic challenges.

Business regained

The company’s net income for the nine months to 31 March stands
at just $545,000, compared to $6.8m for the first nine months of
the 2011 fiscal year.

Operating income for the period, however, was $2.2 million,
compared to $1.2m in Q3 2011.

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Total net revenues for the quarter declined to $10.6m from
$10.8m in the comparable quarter last year.

Speaking exclusively to Leasing Life,
Najeeb Ghauri, NetSol chairman and chief
executive, said:

“We have bounced back because of new orders
and license sales to asset-based leasing and financial companies
using our NetSol Financial Suite, many of them captives of auto
manufacturers. Business is improving in the auto and banking
sectors and our pipeline is very strong.

“In the fiscal third quarter NetSol saw
strength across each business line and in all geographic
regions.

“We believe that the business has regained its
footing and that our growth initiatives are building momentum.

“Given the relative strength of the third
quarter and our current insights into the balance of the year, we
are increasingly confident the company will deliver a much stronger
second half than first-half 2012.”

NetSol currently expects revenue growth of 30% to 40% for the
second half of the fiscal year compared with the first half of the
year. The company also said that it expects to report profit for
the full 2012 fiscal year.