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Lenovo returns to profit in Q2

(Xinhua)
Updated: 2009-11-06 09:32

China's Lenovo Group, the world's fourth largest personal computer manufacturer, returned to profitability in the second quarter, according to the group's fiscal report released Thursday.

The group said that it posted a net a profit of $53 million in its second fiscal quarter from July 1 to Sept 30.

Lenovo's worldwide PC shipments grew 17 percent year-over-year in the second quarter, compared to the 2.3 percent rise in the total global PC sales in the same period, the report indicated.

Lenovo's consolidated sales for the second fiscal quarter decreased 5 percent year-over-year to $4.1 billion, but grew 19 percent over the previous quarter.

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"Lenovo's second quarter results showed that the company has the correct strategy in place and is executing the strategy properly," said Lenovo Chairman Liu Chuanzhi.

The group's sales on domestic market stood at $2 billion in the second quarter, up 9 percent year-on-year, and accounting for 49 percent of its total sales in the same period. Its second quarter sales helped consolidate the group's leading position in the domestic market, with a share of 29.4 percent.

Yang Yuanqing, Lenovo CEO, said the group would continue to strengthen cost structure and continue to reinforce its leading position in the domestic market.

"The leaders of Lenovo have realized the importance of the markets in China and other emerging economies," said Wen Fang, a senior computer market analyst with Beijing-based CCID Consulting Company.

But Wen said she was cautiously optimistic for the further development of the group.

"Lenovo should find ways to further reduce its costs and promote the efficiency amid falling computer prices and rising costs for the company's internationalization strategy," she said.

Influenced by the global financial crisis, Lenovo recorded a heavy loss of $260 million in the 2008 fiscal year. In the first quarter of 2009, the group's deficit reduced to $16 million.

Lenovo reinstated its founder Liu Chuanzhi as chairman on Feb 5 after revealing a loss of $97 million in the fourth quarter last year.