Lenovo net profit jumps 59% in Jan-Mar quarter
Beijing/New Delhi: Personal computer maker Lenovo Group Wednesday reported 59 percent jump in net profit to USD 67 million for the quarter ended March 31, 2012, helped by strong sales in India, Russia and China.
The company's sales increased by a healthy 54 percent from the year-ago period to USD 7.5 billion in the quarter, Lenovo said in a statement.
During the quarter, Lenovo's PC shipments in China rose 23 percent from a year earlier, while those in other emerging markets rose 43 percent with a strong performance in India and Russia.
"Emerging markets sales jumped 43 percent year-over-year in the fourth quarter to a total of USD 1.2 billion. Lenovo enjoyed notable market share gains across the entire region, picking up 2.1 share points year-over-year, with particularly strong showing in India and Russia," the company said.
"Lenovo ended the quarter as the number-one PC vendor in India, a first-time ever milestone, and in Russia, Lenovo became the number three PC vendor, no less an impressive achievement," it added.
For the fiscal 2011-12, Lenovo posted 73 percent jump in net profit to USD 473 million, while revenues rose by 37 percent to USD 29.6 billion.
During the year, Lenovo's PC shipments grew 34.9 percent year-over-year, compared to an overall industry growth rate of just three percent during the same period.
"The 2011/12 fiscal year was a record-setting year for Lenovo, where we set an all-time high for revenue, shipment, market share and pre-tax income.
"Our fiscal year ended impressively with strong momentum. Lenovo's global PC shipments grew by 35 percent year-over-year, outperforming the industry by ten times, global market share increased by three percentage points," Lenovo Chairman and CEO Yang Yuanqing said.
Lenovo finished the financial year as the world's second largest PC vendor with a record full-year market share of 13 percent. According to research firm IDC, HP holds the first position with a market share of 18 percent.
"With the emergence of multiple devices such as smartphones, tablets and smart TV, our industry is entering the PC + era. Lenovo is focused on leading the PC industry, and building upon that leadership in the PC+ era," Yuanqing added.