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German applications developer Software AG (Frankfurt: SOW) posted a 43% increase in net profits, to 40mn euros (US$58.6mn), for the first quarter of 2011, compared with 28mn euros for the same period last year, the company announced in a statement.
AG's quarterly revenues were up 9% year-over-year to 273mn euros.
According to the company, the quarterly figures are the result of cost synergies resulting from a merger with IDS Scheer and the continuing weakness of the euro, compared with the previous year.
"The successful integration of IDS Scheer AG is reflected in every aspect, not least in the Q1 2011 results. As a technology leader in IT-based business process optimization, we have established a sustainable position in the global market, which we will continue to expand through organic growth and targeted acquisitions," said Karl-Heinz Streibich, CEO of Software AG.
On this basis, the company confirmed its previous forecast of 5-7% revenue growth for full 2011, with net income expected to climb 10-15%.
Use this link to see AG's full financial results.