NetSol Technologies Inc. turned a profit in its quarterly earnings for the fiscal first quarter compared to a year ago, when it reported a loss.
The Calabasas software developer for the vehicle and equipment leasing markets reported on Tuesday net income of $970,000 (8 cents a share) on revenue of $16.4 million for the quarter ending Sept 30. That compares with a net loss of $370,000 (-3 cents) on revenue of $12.8 million in the same period a year earlier.
No analysts follow the company.
NetSol attributed the revenue increase to a bump in total license fees of $5.6 million and an increase of maintenance fees of $163,000.
Chief Executive Najeeb Ghauri said the first quarter produced solid results that built upon the momentum of the second half of the fiscal 2018 year.
“With the majority of our cost reductions and necessary restructuring now behind us, we’re primed to continue building on this initial quarterly growth as a leaner, more focused organization,” Ghauri said in a statement.
Shares in NetSol (NTWK) closed up 32 cents, or 4.2 percent, to $7.89 on the Nasdaq.