FRANKFURT - THE world leader in professional software, Germany's SAP, said on Wednesday it will cut more than 3,000 jobs this year to save up to 350 million euros (S$700 million) as demand slumps.

The company, following the lead of many others as the global downturn bites deeper, said the job cuts will allow it to 'adjust to difficult market conditions.' SAP employs 51,000, according to its website.

It added that it would not be making forecasts for this year because of 'the limited visibility' in the business.

The company said its 2008 net profit fell 2.0 per cent to US$1.88 billion (S$2.82 billion) as sales rose 14 per cent to 8.46 billion euros. -- AFP