Lenovo posts 59% rise in Q4 net profits

Lenovo (0992.HKG) posted a 59% jump in net profit during the company’s fourth quarter, as the Chinese computer maker looks to expand its presence in the smartphone and tablet computer markets, Reuters reported. The firm said net profits were US$472.99 million for the financial year that ended in March, slightly higher than analyst expectations of around US$472.2 million. The computer maker’s performance has contrasted favorably with the likes of Dell (DELL.Nasdaq), which posted worse-than-expected quarterly results this week. Analysts say Lenovo is focusing on volume sales to grab more market share; it currently accounts for 13.4% of the global PC market, ahead of Dell’s 11.6% share but behind Hewlett-Packard (HPQ.NYSE) at 18%. The company is also looking to expand into smartphones and tablets, particularly in its home market. China accounts for around 42% of the company’s total revenue.