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SAP confirms 2014 forecasts after solid Q1

AFP
German software giant SAP said Thursday it is sticking to its full-year forecasts for 2014 after profits rose slightly in the first quarter

German software giant SAP said Thursday it is sticking to its full-year forecasts for 2014 after profits rose slightly in the first quarter.

SAP said that net profit rose by 3.0 percent to 534 million euros ($739 million) in the period from January to March, underlying or operating profit was up 12 percent at 723 million euros on a 3.0-percent increase in revenues to 3.698 billion euros.

SAP publishes two sets of accounts, one according to international financial reporting standards (IFRS) and another according to national accounting standards or non-IFRS.

It provides forecasts based solely on non-IFRS data.

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"Our outlook for the full-year 2014 ... remains unchanged," SAP said.

Operating profit was projected to come out at 5.8-6.0 billion euros, which would represent an increase of 6.0-9.0 percent from 2013, the software maker said.