Restructure punishes Lenovo numbers
Non China ops static or sliding
Lenovo’s fourth quarter figures were floored by a massive restructuring charge, the Chinese PC giant revealed today.
Revenue for the quarter ending 31 March was HK$24.4bn (£1.68bn), up 417 per cent, reflecting the contribution of the IBM PC operation it bought last year. Pre-tax losses were HK$317m (£21.9m), but once restructuring charges were included, they ballooned to HK$903m (£62.3m).
For the full year, revenues were up 359 per cent to HK$103.6bn (£7.1m), with pretax income up seven per cent to HK1.2bn (£82.7m). However, once restructuring charges were included this slipped to HK$173m (£11.9m).
The figures were underpinned by the company's performance in China. Its US operation saw static shipments, and turned in a loss. Shipments in Asia Pacific, excluding China, were down five per cent, though it saw a profit, while EMEA shipments slipped three per cent, and the region showed an operating loss. ®