NetSol Technologies Inc. reported lower earnings and revenue for the fiscal second quarter.
The Calabasas software developer for the vehicle and equipment leasing markets reported on Tuesday a net loss of $242,000 (-2 cents a share) for the quarter ending Dec. 31, compared with net income of $586,000 (5 cents) in the same period a year earlier.
Revenue decreased 17 percent to $13.1 million.
The company attributed the revenue drop to a decrease in total service revenues to $4.8 million, which was offset by an increase in total license fees to $2.5 million and an increase in total subscription and support revenues to $5.7 million.
Chief Executive Najeeb Ghauri said in a statement the fiscal second quarter saw incremental improvements with early stages of return to work as the coronavirus vaccines began their roll out toward the end of last year.