Lenovo Q3 Earnings Up 88%, Liu Steps Down

Date:2011-11-03houhaizhen  Text Size:

November 3 -- Lenovo Group (0992.HK) posted an 88 percent year-on-year rise in third quarter net profit to $144 million, with earnings per share of $0.0141, up 74 percent, reports yicai.com, citing a company filing.

The maker of personal computers recorded a 35 percent year-on-year growth in third quarter sales revenue to $7.79 billion.

For the six months ended September 30, Lenovo posted a 93 percent year-on-year increase in net profit to $253 million on revenue of $13.71 billion, up 26 percent. Earnings per share rose 83 percent year-on-year.

The company announced interim earnings distribution of HK$0.038 per share, an increase of 46 percent year-on-year.

Company founder Liu Chuanzhi resigned from his positions as group chairman and non-executive director, and was appointed as honorary president.

According to Lenovo, Liu will focus on developing the business of Lenovo's parent, Legend Holdings.

Company C.E.O. Yang Yuanqing will replace Liu as group chairman. The changes are effective today.

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