Netsol Technologies Ltd. said its normalized net income for the fiscal third quarter ended March 31 amounted to a loss of 28 Pakistani paisa per share, compared with a loss of 27 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 a loss of 25.4 million rupees, compared with a loss of 24.5 million rupees in the prior-year period.

The normalized profit margin rose to negative 2.6% from negative 2.9% in the year-earlier period.

Total revenue increased 14.7% year over year to 984.2 million rupees from 857.7 million rupees, and total operating expenses increased 12.2% from the prior-year period to 949.6 million rupees from 846.3 million rupees.

Reported net income came to a loss of 16.2 million rupees, or a loss of 18 paisa per share, compared to a loss of 32.2 million rupees, or a loss of 36 paisa per share, in the prior-year period.

As of April 29, US$1 was equivalent to 104.80 Pakistani rupees.