SAP soars on trading boost

SAP surprised traders wary about tech stock

Europe's largest software company, SAP, says sales and profits were better than expected during the fourth quarter of 2000.

SAP computer software sales are healthy

The statement sent SAP shares rocketing to more than 142 euros, a rise of about 14%.

SAP's operating profits, excluding the cost of its employee stock programme, rose more than 40% to more than 600 million euros during the period compared to a year earlier, the company said.

Sales were up about 27% to 2.1bn euros. Software licence sales rose about 25% to 1.0bn euros.

Early release

The trading statement had not been expected until 23 January.

A company spokesman insisted the early release was not prompted by SAP's ailing share price.

SAP shares had fallen steadily along with other companies in its sector amidst rumours that the company would issue a profit warning.

On Friday, the Frankfurt-listed stock ended at an its lowest level since November 1999.

In March this year, SAP was trading at a high of 364.14 euros, 65% above the low.