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Business

Weak euro boosts SAP earnings

German business software maker SAP has reported a decent rise in operating profit for the first quarter. The company said the result was helped by a weak euro. The firm expected flat growth for the full year.

Europe's largest software company, Walldorf-based SAP, said first-quarter operating profit rose by 15 percent to 1.06 billion euros ($1.13 billion), compared with the same quarter the year before.

The result was boosted by a weak euro, making German exports cheaper abroad. Without the currency effect, earnings dropped, as SAP continues to implement its new business model of selling Cloud-based products rather than offering software that is directly installed on clients' servers.

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The transition is costly, and the new business model delivers less money up front, which is affecting profitability for now.

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SAP also said costs from recent takeovers were affecting the bottom line.

SAP reiterated its full-year forecast for operating profit of between 5.6 billion euros and 5.9 billion euros at constant currency exchange rates.

ng /hg (Reuters, dpa)

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