Lenovo posts ingains on strong laptop sales

Lenovo reports strong results for its most recent quarter

PC maker Lenovo Group has posted double-digit percentage increases in sales and net income for its first fiscal quarter, boosted by laptop sales.

Lenovo, based in Hong Kong, reported a net income of US$110 million for the quarter that ended June 30, up more than 65% from the US$67 million net income in its first fiscal quarter of 2007. Sales for the quarter were up more than 10% from US$3.8 billion in the first quarter of 2007 to US$4.2 billion in the latest quarter, the company says.

The company's laptop sales totaled US$2.4 billion for the quarter, up 17% from a year ago. Lenovo's laptop shipments increased 33% from last year. The company's desktop sales increased by just 3%. Overall, PC shipments increased by nearly 15%, about average growth for the PC industry, the company says.

Lenovo's Greater China division posted US$1.7 billion in consolidated sales, up 22% from the year before, and its Americas division posted US$1.1 billion in sales, the same amount as in the first quarter of 2007. The weak US economy contributed to a lack of growth in sales there, the company says. Sales in Lenovo's Europe, Middle East and Africa region grew 26% from a year earlier, and sales in Asia Pacific, not including China, grew 11%.

Earnings per share for the quarter were US$1.25.

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