Lenovo posts 90% rise in quarterly net profit

PanARMENIAN.Net - China's Lenovo Group Ltd posted a 90 percent rise in its quarterly net profit, its fastest pace in seven quarters, as a result of strong PC and smartphone demand in its domestic market, according to Reuters.

Lenovo, on track to unseat Hewlett-Packard Co as the world's top PC maker by shipments, posted net profit of $126.9 million in the quarter ended March, up from $66.8 million a year earlier, based on Reuters calculations using full-year and nine-month financial data.

That was the fastest pace since the first quarter of the 2011/2012 fiscal year, when growth doubled.

For the full year, Lenovo's net profit rose by a third to $635.1 million, it said in a statement to the Hong Kong stock exchange, beating an estimate of $618.2 million in a poll of 31 analysts by Thomson Reuters I/B/E/S/.