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SAP reports slump in profits in Q2 but holds fast to its forecast for 2014

FRANKFURT -- German software giant SAP said on Thursday its bottom line was hit by one-off effects in the second quarter, but it is sticking to its full-year forecast.

SAP said in a statement that its net profit fell by 23 percent to 556 million euros (US$752 million) in the period from April to June.

Underlying or operating profit was down 29 percent at 698 million euros, despite a 2.0-percent increase in second-quarter revenues to 4.151 billion euros.

SAP said profits had been hit by a provision of 289 million euros related to a long-running patent dispute with the U.S. company Versata.

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