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Lenovo results support IBM unit buy

02 ноября 2007

Lenovo on Thursday put forward further proof that it is making a success of its 2005 purchase of IBM‘s PC unit as it reported a sharp increase in quarterly profits and sales.

Lenovo results support IBM unit buyThe Chinese computer maker said that second-quarter sales climbed 20 per cent while profits soared a surprising 178 per cent. Reven­ues expanded at double-digit rates in all regional markets, with global PC shipments jumping 23 per cent compared with an industry average of 16 per cent.

Yang Yuanqing, chairman, said that the results “once again proved” it had successfully integrated the IBM unit. Lenovo will phase out the use of IBM brands by next year. Bill Amelio, chief executive, said: “We are seeing positive results, literally across the entire world.

Revenues for the quarter hit $4.4bn, up 20 per cent year on year, while net profits were $105m compared with $38m in the same three months of 2006. The profit performance easily exceeded the $88m forecast by five analysts polled by the Reuters news agency.

But in spite of its fast growth, Lenovo is seeing its status as the world’s third-largest PC company challenged by its Taiwanese rival Acer, which last month closed a $710m takeover of its US-based counterpart Gateway. Even without the Gateway deal, Acer has been growing faster, with sales for the three months to September up 29 per cent year on year to $3.74bn.

Acer’s acquisition of Gateway also threw a roadblock in front of Lenovo’s own ef­fort to bolster its weak Euro­pean presence by buying the Paris-based second-tier PC supplier Packard Bell. Gateway has right of first refusal to Packard Bell’s holding company and last month made a binding offer.

Lenovo had repeatedly said that it remained interested in Packard Bell but J.T. Wang, Acer’s chairman, said last week that “everything is under control” with the Pack­ard Bell acquisition, now awaiting European regulatory approval.

Mr Amelio on Thursday said the company remained open to making acquisitions globally, but had no immediate targets: “The industry is consolidating, so we are interested in any opportunity at the right price.”

Lenovo is set to enter the European and American consumer PC market early next year.

It is also moving into the lower-end PC market in China with a $200 desktop model aimed at China’s large rural population. This comes as Dell last month signed an agreement to sell its computers through Gome, the country’s biggest electronics retailer.

Источник: Financial Times

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