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Netsol Technologies swings to profit in fiscal Q2

Netsol Technologies Ltd. said its normalized net income for the fiscal second quarter ended Dec. 31, 2015, came to 1.01 Pakistani rupees per share, compared with a loss of 73 paisa per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 90.5 million rupees, compared with a loss of 65.4 million rupees in the prior-year period.

The normalized profit margin rose to 8.2% from negative 8.7% in the year-earlier period.

Total revenue grew 46.2% on an annual basis to 1.10 billion rupees from 751.4 million rupees, and total operating expenses climbed 5.2% year over year to 857.0 million rupees from 814.8 million rupees.

Reported net income came to 171.9 million rupees, or 1.92 rupees per share, compared to a loss of 97.4 million rupees, or a loss of 1.09 rupees per share, in the prior-year period.

As of Feb. 25, US$1 was equivalent to 104.61 Pakistani rupees.