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February 12, 2015updated 12 Apr 2017 3:54pm

NetSol Technologies reports $12.4m quarter revenue

NetSol Technologies reported a $12.4m (€10.96m) net revenue for its fiscal year’s second quarter ending 31st of December 2014.

By Sotiris Kanaris

NetSol Technologies reported a $12.4m (€10.96m) net revenue for its fiscal year’s second quarter, ending 31st of December 2014.

This was an increase of $3.8m compared to the fiscal 2014 second quarter, when net revenue reached $8.6m.

The growth was driven by increases in license, maintenance and services revenues.

License revenue was $2.1 million, versus $456,000 in the same period last year primarily due to additional license sales for NFS.

Maintenance revenue increased to $3.3 million from $2.9 million last year as a result of completed implementations.

Services revenue improved to $5.6 million from $4.0 million in the same period in 2014, as a result of incremental increases in NetSol’s day rates for all skill sets and additional deliveries of customer change requests.

Services revenue – related party, reflecting revenue from NetSol’s joint venture with the Innovation Group – was $1.4 million, compared with $1.3 million last year.

The company’s gross profit improved to $5m compared to the same period the year before.

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