SAP back on track with storming first quarter

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SAP back on track with storming first quarter

Reports 97 percent year-over-year rise in profits.

SAP has published its first-quarter results for 2010, showing a doubling of profit since last year.

SAP netted €387m ($552m) after tax, or €0.33 (47c) per share, in the quarter ending 31 March, a 97 percent increase on the €196m ($279m), or €0.17 (24c) per share, during the same quarter last year.

Total revenue was €2.5bn ($3.57bn), up five percent on last year's figures.

"We saw strong results from the rapidly expanding demand for SAP BusinessObjects solutions, as well as in our small and mid-sized enterprise business," said SAP co-chief executive Bill McDermott.

"We were also pleased by the strong performance in our focus industries as our customers are turning to SAP to help their businesses run better."

The results show SAP getting back on track after a difficult 2009, which was plagued by rounds of poor financial results, dwindling customer satisfaction due to increasing enterprise support costs, a lack of company direction and an employee survey which showed that staff are disappointed with SAP's leadership.

SAP recently announced new leaders following the departure of former executives, including chief executive Leo Apotheker, chief operating officer Erwin Gunst and board member John Schwarz.

The firm also recently conceded in a row with its customers over higher support costs by introducing a more affordable support offering.

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