SAP Profits Soar
Enterprise software developer sees continued growth despite slow economy.German software giant SAP AG churned out positive financial results for last quarter despite a slow economy. The enterprise applications maker Thursday reported that its first-quarter profits more than doubled from the same period of 2002, while sales were relatively flat. Net income for the quarter ended March 31 was 186 million euros, or about $200 million, compared with a net income in the first quarter last year of about 65 million euro, or about $70 million.
The Walldorf, Germany, company reported total revenues of 1.52 billion euros, or about $1.64 billion, in the quarter, down from 1.658 billion euro, or about $1.8 billion. Officials were quick to point out that if the numbers had been kept at a constant currency rate SAP would have seen a 1 percent increase in revenues.