Lenovo posts first quarter profit

Hong Kong: Chinese technology giant Lenovo on Thursday recorded a sharp rise in first quarter net profit as the company’s turnaround gathered pace. The PC maker posted a $77 million net profit in the quarter to June 30 — up from a $72 million loss in the same period last year. “The Group remains confident in its core PC business, and aims to grow ... without compromising on profitability,” chairman Yang Yuanqing said in a statement. Analyst Jackson Wong said competition between PC makers “is not as fierce as it is in the mobile sector”, while Lenovo’s focus on hardware has also contributed to the positive results. — AFP