HONG KONG (Nov 3): China's Lenovo Group Ltd, the world's largest personal computer (PC) manufacturer by shipments, on Thursday said it returned to profit in its second fiscal quarter, beating analyst estimates, helped by the disposal of assets. Net profit reached US$157 million for the three months ended Sept 30, from its worst-ever quarterly loss of US$714 million in the same period a year earlier when Lenovo booked one-off costs to restructure and integrate the mobile business of Motorola. The result compared with a Thomson Reuters SmartEstimate of US$131 million drawn from the estimates of 14 analysts. Revenue fell 8% to US$11.2 billion, versus the US$11.02 billion analyst estimate. For the first half, net profit was US$330 million, versus a loss of US$609 million a year earlier, while revenue fell 7% to US$21.3 billion.

Source: The Edge Markets November 03, 2016 09:49 UTC