Shares in China's Lenovo rise on profit surge | Bangkok Post: tech

Shares in Chinese computer maker Lenovo rose 5.15 percent in Hong Kong trade on Friday after it posted a jump in first quarter net profit of 30 percent.

The new Lenovo Ideacentre A720 at a launch function in Mumbai in June 2012. Shares in Chinese computer maker Lenovo rose 5.15 percent in Hong Kong trade on Friday after it posted a jump in first quarter net profit of 30 percent.

Net profit rose to $141.4 million in the three months ended June 30, compared with $108.8 million in the same period last year, the computer hardware company said Thursday.

Despite the industry seeing a two percent year-on-year decline of PC shipments worldwide, "the group continued to outgrow the markets", Lenovo said in a statement.

It said its PC shipments grew 24 percent to 12.8 million units.

The company's shares finished at HK$6.94 as the Hang Seng index closed 0.77 percent higher.

"We are impressed by Lenovo's execution in the slow global PC demand environment," financial analyst Barclays said, according to Dow Jones Newswires.

"As long as Lenovo can leverage its brand equity and channel network in other growth areas, such as smartphones, we do not need to worry about short-term PC market fluctuations."

Chinese Internet giant Tencent, which posted a 32 percent increase in second quarter net profit on Wednesday, closed 1.47 percent higher at HK$248.20.

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