German business software supplier SAP has reported a 23% increase in first-quarter net income boosted by increased software spending, particularly in the US.
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Net income rose to €229m (£154m) from €186m a year earlier.
Total revenue in the first quarter increased 2% to €1.56bn from €1.52bn a year earlier.
Software revenue increased 5% to €370m from €352m. In the US, software revenue rose 45% to €103m.
SAP's flagship ERP software continued to account for the bulk of software revenue. The product generated revenue of €156m or 42% of the group's total software revenue.
The outlook for 2004 remains unchanged, SAP said. Software revenue is expected to increase by around 10% compared with 2003.
John Blau writes for IDG News Service