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Net 1 UEPS Technologies Inc. (NASDAQ: UEPS) is up nearly 10% in early afternoon trading Friday after releasing its third quarter results.

The South Africa-based provider of a 'universal electronic payment system' – hence the acronym UEPS – for developing countries reported results for the three months ending March 31, which equate to its third fiscal quarter.

Net 1 UEPS reported a 48% increase in net income to $26.97 million, or 47 cents per share, from $18.25 million, or 32 cents per share, a year earlier despite revenue increasing only 3% to $63.07 million.

"I am delighted to report yet another quarter that has exceeded our expectations, where our operations continued to deliver solid financial results and cash flows and we remain on track to achieve our targeted growth rate for the current fiscal year," said Net 1 UEPS Chairman and CEO Dr. Serge Belamant. The company had previously announced an expected earnings-per-share growth rate of at least 20% for full-year 2008.

As of publication, Net 1 UEPS Technologies shares are up 9.75% to $26.34 on Nasdaq trading.

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