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China PC giant Lenovo triples annual net profit

(Xinhua)
Updated: 2008-05-23 09:58

Yang Yuanqing, executive director and chairman of Lenovo Group Limited, attends the company's 2007/08 annual results' news conference in Hong Kong May 22, 2008.[Agencies]

Lenovo's net profit rose 201 percent in the fiscal year ended March 31, to $484 million, according to its latest financial report released on Thursday.

Sales rose 17 percent to $16.4 billion year-on-year as it focused on the computer business, the report said.

In its fourth fiscal quarter, sales rose 13.5 percent to $3.7 billion. Global sales of personal computers (PC) stood out with a 21-percent gain, which was above the average market growth, analysts said. Net profit for the fourth quarter hit $140 million.

PC sales in Greater China, which contributed 34 percent of quarterly turnover, rose 25 percent during the fourth fiscal quarter.

PC sales were up 9 percent in the American market and 30 percent in the combined European, Middle East and African markets during the quarter.

Asia-Pacific sales outside Greater China rose 18 percent.

Board chairman Yang Yuanqing estimated that the global PC market would continue double-digit growth in the coming year, and he said Lenovo would seize opportunities in emerging markets while maintaining its edge in its current top markets.

The company would also develop high value-added peripherals, optional devices and extended services, Yang said.