625%: LENOVO'S PROFITS SOAR IN FIRST SIGN OF PC TURNROUND

Lenovo yesterday said net profit rocketed for the full year, in the first sign that the Chinese computer group has begun to turn round the PC unit it acquired from IBM two years ago. Full-year profit increased 625 per cent to $161m, compared with $22m the previous year.

Lenovo completed its $1.75bn acquisition of IBM's struggling PC business in May 2005 and moved its headquarters to Raleigh, North Carolina.

"It was a solid [final] quarter and strong fiscal year by any number of measures," said Yang Yuanqing, Lenovo chairman. "Our performance confirms we have stabilised our business worldwide."