NetSol Technologies reported total revenue of $13.3 million at the end of the first fiscal quarter ended September 30, 2015, marking a rise of roughly 30% in revenue compared to the same quarter last year.
In addition, GAAP net loss narrowed to $411,000 compared with a net loss of $1.8 million in the comparable period last year.
“We are off to a very strong start for the fiscal year, building upon a base of revenue in what is typically our slowest quarter of the year,” said Najeeb Ghauri, CEO of NetSol. “New wins in China, additional requests and increased utilization by current customers, growth in our joint-venture with the Innovation Group, and continued delivery of multiple contracts fueled our results in the quarter.
“Given the strength of our global new business pipeline, we expect our growth trajectory to continue, and to further accelerate once some of the new NFS Ascent contracts are executed in APAC and Europe.”
Other highlights from Netsol’s earnings release include:
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