BEIJING (dpa-AFX) - Shares of Lenovo Group Ltd. (LNVGY.PK) were losing more than 2 percent in Hong Kong trading as the Chinese PC and mobile maker reported Thursday sharply lower profit in its fourth quarter, despite higher revenues.
Looking ahead, Lenovo said it remains confident that its focus on innovation and hybrid AI, together with its globally balanced business and a flexible, resilient supply chain will maintain and enhance its market competitiveness.
Further, Lenovo's Board of Directors declared a final dividend of 3.9 US cents or 30.5 HK cents per share for the fiscal year 2024.
In the fourth quarter, net income attributable to equity holders plunged 64 percent to $90 million from $248 million last year. Earnings per share were 0.71 US cents, down from 1.95 US cents last year.
On a non-Hong Kong Financial Reporting Standards basis, net income attributable was $278 million, compared to $223 million a year ago.
Pre-tax income fell 42 percent year-over-year to $178 million.
Group revenue for the quarter grew 23 percent to $16.98 billion from $13.83 billion last year, with double-digit year-on-year revenue growth across all businesses.
In Hong Kong, Lenovo shares were trading at HK$9.910, down 2.1 percent.
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