Netsol reports surge in profits of 513pc for FY 2016-17

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Karachi: In a notification sent to the bourse on Monday, Netsol Technologies Limited announced its financial year results for the year 2016-17.

Netsol reported an increase in revenues of 22.07pc to touch Rs3.925m for FY 2016-17, compared to Rs3.215m in same period last year (SPLY). Gross profits also went up by 24.7pc to touch Rs1.240m for FY 2016-17 against Rs0.933m in SPLY.

Selling and promotion expenses registered a rise of 70.22pc to touch Rs0.442m for FY 2016-17 against Rs0.260m in SPLY. Other income also surged by 115pc, to touch Rs0.290m in FY 2016-17 against Rs0.135m in SPLY.

Finance cost rose by 29.36pc to touch Rs29,669,000 for FY 2016-17 against Rs22,934,000 in SPLY. Net profits for FY 2016-17 surged by 513pc to touch Rs0.320m against Rs0.052 in SPLY.

Netsol reported earnings per share of Rs3.58 for FY 2016-17, registering a 507pc increase from Rs0.59 per share a year ago. Its share price also went up 15pc to touch Rs57.83 by end of FY 2016-17, compared to Rs50.10 a year ago.

It also announced a final cash dividend of Rs1.45 per share for FY 2016-17.

At the time of filing this report, Netsol’s shares were trading at Rs65.00, down Rs1.42 from its close on Friday. The KSE-100 index was trading at 42,662.47 points, down 87.72 points from its close on Friday.

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