Thursday, August 7, 2008
Lenovo Group Ltd., the world's fourth-largest PC maker, posted a 65.3 percent rise in net quarterly profit, the slowest growth in a year, as it copes with a U.S. slowdown and weaker Chinese demand after a devastating earthquake.
China's largest maker of personal computers reported a net profit of $110.49 million from April to June, versus a $66.84 million profit a year ago.
That was largely in line with expectations for $107.47 million, the mean forecast of four analysts polled by Reuters.
Analysts say Lenovo, which competes with Hewlett-Packard HPQ.N, Dell Inc DELL.O and Asian rival Acer <2353.TW>, should fare better over the long run because of its commanding market share in China and emerging markets.
Shares in Lenovo climbed about 5.5 percent in April-June, outpacing a fall of just over 3 percent in the benchmark Hang Seng Index <.HSI>.
They trade at about 13.8 times prospective earnings, versus Dell's 15.9 and HP's 12.6, according to Reuters Estimates.
By: DocMemory
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