NetSol Technologies, a provider of business services and enterprise application systems, has reported a net loss applicable to common shareholders of $5.03m, or diluted loss per share of $0.19, for the third quarter ended March 31, 2009, compared to a net income applicable to common shareholders of $2.21m, or diluted earnings per share of $0.09, for the same quarter of fiscal 2008.
For the third quarter of fiscal 2009, total revenues were $5.02m, compared to $9.07m for the same quarter of fiscal 2008.
For the first nine months of fiscal 2009, total revenues were $19.59m, down 25% compared to $26.13m for the same period of fiscal 2008. Net loss applicable to common shareholders was $7.27m, or diluted loss per share of $0.27, compared to a net income applicable to common shareholders of $3.48m, or diluted earnings per share of $0.15, for the same period of fiscal 2008.
Najeeb Ghauri, chairman and CEO of NetSol Technologies, said: While our fiscal third quarter results reflect the most challenging period of the current global economic downturn on our business, I believe we made significant progress in terms of cost reductions as well as the streamlining of our global organizational structure. The combination of our North American and European businesses into one operating segment provides improved cost efficiencies and sales effectiveness across the combined organization. Most importantly, I believe the fiscal third quarter represents the trough of the current downturn for NetSol.
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