SAP sees 18% Q1 growth in software, software-related services in Latin America

SAP's (NYSE: SAP) software and software-related services revenue grew 18% year-on-year in Latin America during the first quarter of 2011, the company said in a press release without providing hard figures. During the quarter, SAP said Mexico had the best performance in Latin America, with software revenues surging 64%. In terms of software and software-related services, Peru saw a 44% revenue spurt, while Brazil and Colombia each reported 13% growth, 18% in Argentina and 7% in Chile. The company highlighted software growth in SMEs, which expanded 44% in the region, with an especially noteworthy 146% rise in Argentina. Currently, SAP has 11,050 clients in Latin America, having added 200 new contracts during Q1, including Banco Intermedium of Brazil. According to financial results released by SAP for the quarter, revenues for the Americas, excluding the US, grew 13% year-over-year to 292mn euros (US$433mn), from 247mn euros in 1Q10. Globally, SAP reported total revenue of 3.02bn euros for 1Q11, up 21% from 2.51bn euros in 1Q10. SAP also saw its IFRS net profit grow 4% year-over-year to 403mn euros. SAP reported quarterly global software revenue of 583mn euros, jumping 26% compared with 464mn euros in 1Q10. The company's software and software-related service revenue grew to 2.33bn euros, from 1.95bn euros in 1Q10. For full 2011, SAP has confirmed its January 26 outlook of non-IFRS software and software-related service revenue growing 10-14% from 9.87bn euros in 2010. Use this link to view the full quarterly results.