NetSol Reports ProfitWednesday, November 14, 2012
NetSol Technologies Inc. on Wednesday reported that it swung to profit and increased revenue for the quarter ended Sept. 30.
The Calabasas IT and technology services company had net income of $929,000 (or 12 cents per share) for the fiscal first quarter compared with a loss of $1.5 million (or 26 cents per share) for the same period a year earlier. The company beat Wall Street estimates by 2 cents per share.
Revenue grew 79 percent to $11.1 million, the company’s highest first-quarter revenue in its 15-year history.
“NetSol’s record first quarter revenue underscores the success of our initiative to build out service and delivery capabilities in Bangkok and China,” Chief Executive Najeeb Ghauri said in a statement.
Shares were down 8 cents, or more than 1 percent, in midday trading on the Nasdaq to $6.34.