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HONG KONG: Shares in Chinese computer maker Lenovo rose 3.9 percent in mid-morning Hong Kong trade on Friday after it posted a jump in first quarter net profit of 30 percent.
Net profit rose to $141.4 million in the three months ended June 30, compared with $108.8 million in the same period last year, the computer hardware company said Thursday.
Despite a two percent year-on-year worldwide decline of PC shipments, “the group continued to outgrow the markets”, Lenovo said in a statement.
It said PC shipments grew 24 percent to 12.8 million units.
“We are impressed by Lenovo’s execution in the slow global PC demand environment,” financial analyst Barclays said, according to Dow Jones Newswires.
“As long as Lenovo can leverage its brand equity and channel network in other growth areas, such as smartphones, we do not need to worry about short-term PC market fluctuations.”
Chinese Internet giant Tencent, which posted a 32 percent increase in second quarter net profit on Wednesday, rose 2.7 percent in mid-morning trade, while the Hang Seng index climbed 0.58 percent. -- AFP
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