LENOVO Group Ltd's net profit in the third fiscal quarter hit a record high and beat analysts' estimates as it tapped the surging demand of Chinese consumers and its expansion in mature markets.

In the quarter ended December 31, Hong Kong-listed Lenovo's net profit jumped 54 percent to US$153 million, above the analysts' hopes of US$148 million.

Its revenue surged 44 percent to US$8.4 billion between September and December.

"We achieved the record high net profit in the period despite being hit by the global hard disk supply shortage (because of the flood disaster in Thailand)," Yang Yuanqing, Lenovo's chairman and chief executive, said yesterday in a statement.

In the quarter, Lenovo's revenue in China jumped 30 percent to US$3.5 billion. Lenovo's PC sales in China grew 28 percent in the quarter, almost double the industry growth rate of 17 percent, China's biggest personal computer maker said.

In the mature markets, including Japan, West Europe and North America regions, Lenovo also grew by acquiring Germany-based Medion and formed a new joint venture with Japan-based NEC. Its revenue soared 81 percent to US$3.6 billion in the quarter.

By December Lenovo's share in the global PC market was 14 percent, up 3.5 percentage points, second only to Hewlett-Packard Inc, said IDC, a US-based information technology research firm.
 

Source:shanghaidaily