something of a financial miracle, turning around a business that
was loss-making a year ago into a healthy one today, thanks in part
to lucrative new contracts.
Net income for the nine months ended March 31 2008 totalled
$5.1m, compared with a loss of $6.1m for the equivalent period last
year.
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In the last three months alone it made a net income of $2.3m,
compared with a loss of $229,131 in the year to March 31 2007,
according to NetSol’s third quarter fiscal year 2008 results
published today.
Najeeb Ghauri, chairman and chief executive officer, said the
results “provide an excellent start to the second half of fiscal
2008” which, he added, is historically the company’s “stronger half
of fiscal 2008”.
He added: “With double-digit year-over-year growth in services,
licenses, and maintenance fees translating into a significant rise
in profitability, we remain on track to achieve our full year top
and bottom line financial objectives.”
Key deals the company has signed in the last quarter include the
signing-up by Venture Finance, the ABN AMRO subsidiary, to NetSol’s
LeaseSoft product, the launch of NetSol’s new LeasePak product for
vehicle finance product managers, and Nissan Automotive Finance
China’s implementation of NetSol products.
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By GlobalDataRevenues, which are sourced from services, license fees and
maintenance fees, in the last three months increased 19 per cent to
$9.1m, while in the last nine months they rose 26 per cent to total
$26.1m.
