NetSol reported revenues of Rs424 million ($4.90 million), which represents a 4.5 percent increase over Rs406 million ($4.69 million) reported for the first quarter of 2009/10.
Gross profit ratio improved to 63 percent over corresponding quarter’s ratio of 60 percent. Net income decreased by just under one percent mainly because of contribution by the company to flood relief activities and a write-off of a receivable, which is under litigation. Gross profit in the first quarter rose 10.19 percent to Rs267 million ($3.09 million), as compared with Rs242 million ($2.80 million) reported in the first quarter of 2009/10.
It reduced its cost of sales to 37 percent of revenue as compared with 40 percent in the first quarter of last fiscal year. As a result, gross margin improved to 63 percent compared with 60 percent in the corresponding period of last fiscal year.
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