Europe's largest software company, SAP, saw its income and profits rise in the first quarter of 2003, as its US rivals all issued profit warnings.
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SAP's net income for the quarter was €186m (£128m) to 31 March. Excluding stock-based compensation, acquisition-related charges and impairment related charges, pro forma net income was €200m, an increase of 83%.
The rise in profits comes despite an 8% drop in sales from €1.7bn to €1.5bn. Currency fluctuations have affected the results, however, and when figures are taken at constant currency rates, sales rose 1%, SAP said
Operating profits rose 60% to €298m, compared with €186m for the same period last year. Excluding stock-based compensation, acquisition-related charges and impairment related charges, operating profit rose 28% to €304m compared with €238m last year.
US enterprise software companies have not been doing so well. Sybase, PeopleSoft and Siebel Systems all warned earlier this month that first-quarter financial results would be lower than expected.