Lenovo Group Ltd., China’s biggest maker of personal computers, said Thursday its fiscal 2010 profit more than doubled as global demand rebounded.
Profit rose to $273 million, or $2.73 per share, for the year ending March 31, from $129.4 million in 2010, the company announced. Global sales rose 30 percent to $21.6 billion.
During an earnings webcast, Lenovo CEO Yang Yuanqing credited the growth to the company’s strategy of protecting its home turf in China, while expanding into regions with developing markets like Latin America, Eastern Europe and Africa.
China accounted for 46.4 percent of sales in 2010 or $10 billion, while other emerging markets were 17.9 percent of the total or $3.9 billion, according to the company.
The company also reported a tripled quarterly profit in the fourth-quarter. Net income climbed to $42 million in the three months ended March 31, from $13 million a year earlier, and revenue rose 13 percent to $4.88 billion.