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Lenovo profits soar

Net income leaps 13-fold

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Lenovo Group Ltd, the world's third largest PC maker, today announced healthy first quarter revenue of $3.9bn, up 13 per cent.

The Chinese firm said in a statement to the Hong Kong stock exchange that net income for the three months ended 30 June had leapt to $66.8m, or 0.74 cents a share, from $5.2m, or 0.06 cents a year earlier.

Profit at Lenovo included $44.8m in "restructuring" costs.

Sales also rose 12 per cent to $3.93bn following Lenovo's shift in strategy earlier in the year to cut prices and jobs at the firm to help it compete globally with rivals, Dell, HP and Acer.

In April, the Beijing and Raleigh, North Carolina, based firm trimmed its workforce by five per cent with the hope of saving $100m for the '07-'08 fiscal year.

Lenovo attributed strong sales growth to notebook computers which accounted for 53 per cent of total revenue from $1.8bn in 2006 to $2.1bn this quarter. It said laptop shipments were up 26 per cent.

Desktop computers, which represented 43 per cent of sales, also rose to $1.7bn from $1.5bn a year earlier.

"As Lenovo's market share growth and execution of our core strategic initiatives continue to drive improved performance, we remain focused on the fundamentals of a dynamic global market," said William J Amelio, president and CEO at the firm.

Lenovo's full statement is here. ®

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