BEIJING (dpa-AFX) - Shares of Lenovo Group Ltd. (LNVGY.PK) declined around 4 percent in Hong Kong trading as the Chinese PC and mobile maker reported Thursday weak profit and revenues in its second quarter.
Looking ahead, the company said it is seeing clear signs of recovery across the technology sector. Lenovo said it is confident in its ability to resume year-on-year growth very soon.
For the second quarter, net profit attributable to equity holders fell 54 percent to $249 million from last year's $541 million. Basic earnings per share were 2.09 US cents, down from prior year's 4.54 US cents.
On a non-Hong Kong Financial Reporting Standards basis, net income was $273 million, compared to $591 million a year ago.
Group revenue of $14.41 billion declined 16 percent from last year's $17.09 billion.
Gross profit margin, however, improved year-on-year to 17.5 percent.
Further, Lenovo said its Board of Directors declared an interim dividend of 8.0 HK cents per share.
In Hong Kong, Lenovo shares were trading at HK$9.430, down 3.58 percent.
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