Lenovo 4Q net profit more than doubles

Lenovo Group’s net profit more than doubled to reach US$140 million in its fiscal fourth quarter that ended March 31, the Wall Street Journal reported. Net profits stood at US$60.3 million a year earlier. The firm said strong performance in China as well as growth in Europe and the Middle East drove sales. Revenue from continuing operations grew by 14% to US$3.73 billion. But the world’s fourth-largest PC company in terms of shipments warned that a slowdown in the US economy will be a challenge for the global computer industry, and said it would rein in costs by streamlining its supply chain in the coming year. Analysts said the firm’s relatively small exposure to the US market means it is well-positioned to weather an economic slowdown there.