Revenues at NetSol Technologies during
the first quarter of this year totalled $5 million (€3.6 million),
a 45 percent drop on last year, according to latest figures. The
US-headquartered company, which recently combined its European and
US businesses as part of a cost-cutting programme, also reported an
EBIDTA loss of $3.2 million. NetSol CEO Najeeb Ghauri said that
while the results reflected the economic downturn, the company had
made “significant progress in terms of cost reductions as well as
the streamlining of our global organisational structure”.
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