Lenovo triples profit in third quarter

Lenovo triples profit in third quarter

Net income is up to £86.4m, while sales have risen 15 per cent to £2.3bn

PC maker Lenovo's profit rocketed to $172m (£86.4m) in the third quarter, almost triple the $58m (£29.1m) reported in the same period of 2006.

Quarterly revenue rose 15 per cent to $4.6bn (£2.3bn), up from $3.9bn (£1.9bn) last year.

And global shipments grew 22 per cent, beating the industry average of 16 per cent, said the comany.

"The quarter illustrates not only our ability to deliver consistent, predictable performance, but also the PC market’s resiliency," said chief executive William Amelio.

"The global market is expected to grow in the double digits in 2008, given strong outlooks in Asia and emerging markets.

"Despite increasing economic uncertainties, we remain confident in our ability to continue to deliver profitable growth that outpaces our industry," said Amelio.