Software house NetSol Technologies posted a $264,000 (€177,593)
net loss for the fiscal quarter that ended on September 30, 2009 –
reducing it by 71 percent compared with the previous
quarter.
NetSol’s CEO Najeeb Ghauri said: “Higher sales compared to the
prior quarter, combined with significant improvements in our fiscal
first quarter 2010 gross margin and operating margin, contributed
to another significant reduction in GAAP net loss as we approach
our targeted breakeven quarterly revenue run rate of $8
million.”
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He added: “We are very optimistic of NetSol’s short-term and
long-term outlook as we see strong growth in Asia Pacific as well
as the South East Asian emerging markets, while we envision
unlimited scope for our niche solutions and services in the
Americas from 2010 onwards.”
The company reported consolidated revenues of $7.6 million for
the quarter, which represents an 11 percent increase compared to
the prior quarter and an 18 percent decline compared to the same
period a year ago.
Antonio Fabrizio
