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August 7, 2009

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Lenovo posts loss as sales sink

LENOVO Group Ltd, China's biggest personal-computer maker, reported a loss for the third consecutive quarter as a result of slumping overseas sales.

The firm made a net loss of US$16 million, or 0.18 cents per share, during its fiscal first quarter ended June 30. This was a drop from a US$110.5 million profit, or 1.15 cents per share, in the year-earlier period, the company said in a statement yesterday.

Sales during April to June totaled US$3.5 billion, a tumble of 17.9 percent from the same period last year. Sales slumped 25.8 percent in the fourth quarter of the previous fiscal year.

Sales in China totaled US$1.7 billion, accounting for 48 percent of its worldwide sales.

The company will also consider acquisition opportunities as it seeks more growth potential in emerging markets, according to Chief Executive Yang Yuanqing.

Lenovo Group is "looking forward" to reviving its plans for a public offering in China and the timing depends on market regulators, the group's Chairman, Liu Chuanzhi, told a conference call yesterday.



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