NetSol Technologies Inc. posted increases in both sales and profit for its third quarter, sending shares up nearly 10 percent Tuesday.

NetSol posted net income of $2.3 million (9 cents per share) a big turnaround from a loss of $229,000 (-1 cent per share) in the same period a year earlier.

Sales for the Calabasas-based software company increased 19 percent to $9.1 million.

The company credited the increased performance to additions to the management and sales teams "as well as investments in infrastructure," during the quarter, NetSol said in a statement.

Shares in NetSol gained 8 percent to $2.95 in early trading Tuesday.

For reprint and licensing requests for this article, CLICK HERE.