Lenovo returns to profit

Chinese technology giant Lenovo on Thursday said its net profit for the fiscal year was back in the black, helped by stabilisation in its core personal computer market.

The Beijing-based company, which has traditionally manufactured computers but has been trying to broaden its smartphone business, said it had weathered “challenging global markets” as it executed a transformation plan. The firm reported a net profit of $535 million for the year ending March 31 compared to the previous year’s $128 million net loss.

But revenue for the group slipped 4 percent to $43.04 billion with PC shipments edging down. (AFP)