Lenovo posts first-quarter profit as recovery continues

HONG KONG: Chinese technology giant Lenovo on Thursday recorded a sharp rise in first quarter net profit as the company’s turnaround gathered pace. The PC maker posted a $77 million (Dh282.5 million) net profit in the quarter to June 30 — up from a $72 million loss in the same period last year. Lenovo also reported a 19 per cent rise in revenue to $11.91 billion — its second consecutive quarter of double-digit revenue growth. “The Group remains confident in its core PC business, and aims to grow ... without compromising on profitability,” chairman Yang Yuanqing said in a statement. The tech giant is turning its fortunes around following a $189 million net loss for the full fiscal year, dragged down by a $400 million non-cash write-off charge from deferred income tax assets.

The company’s shares rose up to six per cent to HK$4.72 mid-morning after the results were released.