Lenovo Group 4Q Net Profit Down 41% to US$107 Million

By Joanne ChiuFeaturesDow Jones Newswires

Lenovo Group Ltd. (0992.HK) swung to a net profit for the year ended March on the back of the absence of one-off charges.

The Chinese PC maker said Thursday that its full-year net profit was US$535 million, compared with a net loss of US$128 million a year earlier when it recorded restructuring costs of US$596 million and onetime charges of US$327 million. Its full-year revenue fell 4% to US$43.04 billion from US$44.91 billion a year ago.

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In the Jan-March quarter, Lenovo reported a 41% drop in net profit to US$107 million from a net profit of US$180 million a year earlier, amid reduced profit margin because of intensifying competition. Its fourth-quarter revenue rose 5% to US$9.58 billion from US$9.13 billion a year ago.

The company recommended a final dividend of 20.5 Hong Kong cents per share.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

May 25, 2017 00:55 ET (04:55 GMT)