In keeping with the all things from China theme this week, Lenovo, the computer company based in Beijing, announced some good news for the company and their investors by stating a healthy 65 percent increase in quarterly profit.
According to the company statement, profit for the three months ending June 30 was $110 million, or $1.25 a share. Total sales rose 10 percent to $4.2 billion.
The timing with the Olympic Games in Beijing is more than a happy coincidence. Lenovo is the only Chinese company among the 12 global partners of the IOC and is also supplying computer equipment and technicians to the games.
Lenovo’s sales in the Americas, including the US, fell 4.8 percent to $1.1 billion, but based on the strong numbers at home and elsewhere it barely made an impact to the company’s prodigious bottom line.
Lenovo is now sitting pretty especially having completed the restructuring after acquiring the IBM personal computer division in 2005.
Last week Lenovo also entered the fashionable ultra-small PC market with the release of its ‘netbook,’ which is aimed at students and first time buyers offering web and simple e-mail functions. No room for bulky 20th century software programs, just the basics, click and go!
