Computer Associates, the software giant which has just moved its 20-strong Irish workforce to a larger premises in Ballsbridge, has announced record results for its first quarter. Revenue increased to $1,046,637,000, an 18 per cent increase on the same period last year. Profit was up 25 per cent from $155.7 million to $194.1 million after a $675 million one-time charge for a stock issuance under an employee stock ownership plan was deducted.

Increased sales in North and Latin America offset challenges faced in the Asian market. However, Mr Sanjay Kumar, CA president and chief operating officer, warned of looming difficulties.

"We are concerned about the ripple effect of the Asian economic turmoil on our multinational clients and its potentially adverse impact on our near-term business. This, coupled with deferred software purchasing decisions as customers deal with their Y2K projects and mainframe hardware transition issues, leads us to believe that our revenue and earnings growth will slow over the next several quarters."