Lenovo swings to biggest loss in almost a decade

Hong Kong: Chinese PC maker Lenovo Group on Thursday reported a 69 percent drop in fourth-quarter net profit and swung to its biggest annual loss in 9 years.

Net profit for the fourth quarter ended March was $33 million, beating an average estimate of $27.72 million from nine analysts polled by Thomson Reuters.

Revenue rose 11 per cent to $10.6 billion, bringing its full year revenue to a 3-year high of $45 billion.

Lenovo’s total loss for the year ending in March was $189 million, down from a profit of $535 million a year ago.

That lagged an average estimate for a loss of $161.3 million from 17 analysts polled by Thomson Reuters and was the worst since Lenovo posted a $226 million loss in 2009.