Lenovo’s annual revenue slid 13.5%%, profit down 20.8%

 

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The world’s largest PC maker Lenovo Group said its revenue for the fiscal year ended March 31 declined 13.5% to $61.947 billion. 

Net profit amounted to $1.608 billion, sliding 20.8% from the previous year. Earnings per share was 13.5 US cents. A final dividend of HK30 cents was declared against a dividend of HK$30 cents in the the previous year. 

Lenovo noted that it has achieved record revenue and profit in Infrastructure Solutions (ISG) and Solutions and Services (SSG) businesses, while non-PC revenue grew 7% to drive gross margin to hit highest since fiscal year 2006, despite persistent macro headwinds impacting devices demand. 

Its Intelligent Devices Group (IDG) remained a strong inudstry leader in both market share and profitability, even though it logged a 21% setback in revenue due to the destocking in the sector, slowdown in demand and exchange rate fluctuations. The pressure to clear channel inventory was nevertheless greatly relieved by year-end, it said.