28 May 2010 09:03

Lenovo releases annual results for FY 2009

Shanghai. May 28. INTERFAX-CHINA - Lenovo Group Ltd. generated total revenues of $16.6 billion in 2009, up 11.4 percent, according to the company's annual results for the 2009 fiscal year (FY), released on May 27.

The Group reported net profits of $13 million for the first quarter of 2010, which marks the third consecutive quarter the company turned a profit, following three consecutive quarters of losses starting in the fourth quarter of FY 2008.

Yang Yuanqing, Lenovo's chief executive officer (CEO), attributed the improvement to new marketing strategies.

According to Yang, Lenovo will continue to promote both its personal computer (PC) and non-PC businesses in 2010, with its non-PC focus on the mobile Internet business, including its newly launched LePhone smartphone and cloud computing products.

The China market generated revenues of $7.89 billion for the company, up 26.8, on an annual basis, and accounting for 47 percent of total revenue.

Lenovo's held an 8.8 percent share in the global PC market, up 1.2 percent year-on-year.

The company's stock price traded at HKD 4.78 ($0.61) per share at noon on May 28, up .021 percent from the previous day's closing price.