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August 16, 2012

Lenovo Q1 profit up by 30%

Driven by strong sales in developing market economies

By Vinod

Lenovo has reported a 30% rise in net profit to $141.4m for the fiscal first quarter ended 30 June 2012, compared to $108m for the same period last year.

The sales of the company increased 35% to $8bn for the quarter, compared to $5.9bn for the same period a year ago.

Operating profit rose 48% to $182m for the quarter, compared to $123m for the same period previous year.

PC shipments in the Asia-Pacific region and Latin America rose 59.2% while those to Europe, the Middle East and Africa were up 62.3%.

Sales for Lenovo’s laptop PC business worldwide in the first fiscal quarter increased 23% $4.3bn.

Lenovo’s desktop PC shipments worldwide in the first quarter increased 21% year-over-year worldwide, compared to an overall industry decrease of 4% worldwide.

Lenovo chairman and CEO Yang Yuanqing said that the company’s businesses in emerging markets outside of China, its consumer business and MIDH business all achieved rapid expansion.

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"Our business in China and our global commercial business maintained strong profitability, which allows us to secure plenty of resources to invest in growth areas and ensure the company’s overall healthy performance," Yuanqing said.

"Although we’re in a challenging environment, we are confident that by continuing to execute our Protect and Attack strategy, Lenovo can achieve sustainable growth and healthy returns in the PC+ era."

Lenovo expects to open a facility in Wuhan, China in October 2103 which will focus on the research, development and production of its mobile internet and digital home product lines.

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