Lenovo Q3 net profit up 25 percent

By @ibtimes on

Lenovo Group Ltd, the world's No.4 PC brand, beat expectations by posting a 25 percent rise in third-quarter net profit, its best result in more than two years, helped by a strengthening Chinese currency and lower component costs.

The company reported a net profit of $99.65 million for the October-December quarter, up from $79.5 million a year earlier. The result beat expectations for an $86.2 million net profit from seven analysts polled by Thomson Reuters I/B/E/S.

The results come a day after Dell Inc reported forecast-beating earnings and margins on lower component costs and demand from companies replacing older technology.

Lenovo shares gained 2.5 percent in 2010, lagging a 5.3 percent advance by the benchmark Hang Seng Index.

(Reporting by Kelvin Soh; Editing by Vinu Pilakkot and Chris Lewis)

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