SAP's Q1 profit near double that of 2009
Source: Agencies |
April 29, 2010, Thursday
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Print Edition
Print Edition
GERMAN software maker SAP AG said yesterday its first-quarter net profit nearly doubled as demand for its products rose in both developed and emerging economies, boosting sales.
SAP, whose programs help companies do back-office work such as payroll, inventory management and accounting, and is used by Apple Inc's iTunes, reported net income of 387 million euros (US$514.3 million) in the January-March period, compared with 196 million euros a year earlier. That's an increase of 97 percent.
Despite the improved figures, shares of SAP were 1.7 percent lower at 36.21 euros in Frankfurt trading, part of a wider decline among the DAX which was down more than half a percent.
Germany's biggest software company said the increase in profit was driven by a boost in revenue, which rose 5 percent to 2.5 billion euros in the quarter compared with nearly 2.4 billion euros a year earlier.
Of that figure, software revenues were up 12 percent to 1.95 billion euros and software license sales - a key barometer of maintenance and upgrade fees - rose 11 percent to 464 million euros compared with 418 million euros a year earlier.
Bill McDermott, one of SAP's co-chief executives, said the growth in the first quarter was the result of better business in "both our large, well established markets and our fast growing emerging markets."
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