Lenovo profit up 11pc to US$258m

Business | Reuters and Stella Zhai 21 Feb 2020

Lenovo's (0992) net profit for the quarter ended December last year rose 11 percent to US$258 million (HK$2.01 billion), driven by higher personal computers and smart devices shipments.

Basic earnings per share were 2.16 US cents. Revenue climbed 2.9 percent to a record US$14.1 billion and gross profit margin grew 1.5 percentage points to 16.1 percent.

Lenovo is facing a shortage of workers and difficulties faced by component suppliers during the coronavirus outbreak, but is increasing production at overseas facilities in Brazil, India and Japan to mitigate the impacts.

Chairman and chief executive Yang Yuanqing expects production at the firm's Shenzhen and Hefei factories would resume by the end of the month. Lenovo closed 7.01 percent higher at HK$5.80.

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