Lenovo back in profit as demand rises
By Ding Yining |
August 20, 2010, Friday
|
Print Edition
Print Edition
LENOVO Group said it returned to profit in the fiscal first quarter as worldwide personal computer demand rebounded.
The country's largest PC maker by shipments said net income in the three months through June 30 reached US$54.9 million, or 0.54 cent per share, compared with a net loss of US$16.01 million a year ago.
Revenue in the quarter rose 49.6 percent to US$5.15 billion as the company moved into low-priced computers to target customers in emerging markets.
Lenovo is the world's fourth-biggest PC maker by shipments, behind Hewlett-Packard Co, Dell Inc and Acer Inc.
Its gross profit margin in the quarter lowered to 10.2 percent from 11 percent a year ago.
The company expects gross margin to remain under pressure in the short term due to its shift toward emerging markets and toward products for consumers and small and medium-sized businesses, Chief Financial Officer Wong Waiming said.
Computer sales in China rose 50 percent to US$2.51 billion, making up 49 percent of the group's total income. Sales from emerging markets division, including India, Latin America, Middle East and Russia, jumped 80 percent to US$821 million, or 16 percent of global sales.
Sales in mature markets, including Europe and North America, grew 38.5 percent to US$1.8 billion.
The country's largest PC maker by shipments said net income in the three months through June 30 reached US$54.9 million, or 0.54 cent per share, compared with a net loss of US$16.01 million a year ago.
Revenue in the quarter rose 49.6 percent to US$5.15 billion as the company moved into low-priced computers to target customers in emerging markets.
Lenovo is the world's fourth-biggest PC maker by shipments, behind Hewlett-Packard Co, Dell Inc and Acer Inc.
Its gross profit margin in the quarter lowered to 10.2 percent from 11 percent a year ago.
The company expects gross margin to remain under pressure in the short term due to its shift toward emerging markets and toward products for consumers and small and medium-sized businesses, Chief Financial Officer Wong Waiming said.
Computer sales in China rose 50 percent to US$2.51 billion, making up 49 percent of the group's total income. Sales from emerging markets division, including India, Latin America, Middle East and Russia, jumped 80 percent to US$821 million, or 16 percent of global sales.
Sales in mature markets, including Europe and North America, grew 38.5 percent to US$1.8 billion.
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