New Lenovo chief forecasts profits in 2010

Newly appointed Lenovo Chairman Liu Chuanzhi said the company would return to profitability in 2010 as it focused more on developing its business in China and other emerging markets, the South China Morning Post reported. Liu cited the economic downturn as contributing to weak sales; the company posted its first quarterly loss in three years shortly before Liu’s appointment. Of the world’s major PC manufacturers, Lenovo had the slowest growth last year. "The financial crisis has had a more profound impact on developed countries, while in China, things are different," said Liu. In addition to forecasting further losses for this year, Liu said the company would not pay dividends for fiscal years 2009 and 2010.