Lenovo storms in with double-bubble profits

Hardware company Lenovo doubled its net profit for its financial first quarter and forecast bright things ahead in the future.

The company, like Dell, has been benefiting from sales of PCs in the enterprise and governmental sector while it said demand was also strong in China.

Its net profit rose to $108.8 million, compared a net profit of $54.86 million in the same quarter last year. That $108.8 million profit is on the back of revenues of $5.92 million.

The company claimed it was now the world’s third largest PC vendor and shipped 23.1 percent more PCs than it did in the same quarter last year.

Chairman of the board Liu Chuanzhi said that in future quarters the world would see the significance of its acquisition of German company Medion, bought last June. It would also see benefits from its joint venture with NEC in Japan.

China accounted for 47.9 percent of Lenovo’s worldwide sales, while in other emerging markets the company also saw significant growth.