NetSol Technologies Reports $4.14 Million Net Loss for FY2023
Annual Revenue of $52.39 Million
NETSOL TECHNOLOGIES INC [NTWK], a leading provider of business solutions for the leasing and finance industry, has announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $4.14 million for the year, compared to a net income of $1.10 million in the previous year. Despite the challenging market conditions, NetSol generated total net revenues of $52.39 million, reflecting a decrease of 8% compared to the previous year.
Financial Performance
The decline in net income can be attributed to several factors. The company faced higher operating expenses, primarily driven by increased selling, general, and administrative costs. NetSol also incurred a provision for bad debts and impairment of its investment under the equity method. These factors negatively impacted the company's bottom line.
