Monday, September 28, 2020
Business

An Outstanding Performance

by BTM

Thu, 03 September 2020

bahrain business updates for 2020

Lenovo Group has announced that the group revenue in the first quarter of US$13.3 billion is up almost 7% year-on-year (up 10% year-on-year excluding currency impact). Pre-tax income grew 38% compared to the same quarter a year earlier, to US$332 million, while net income also increased by 31% year-on-year to US$213 million. Basic earnings per share for the first quarter were 1.80 US cents or 13.95 HK cents. 

Lenovo’s Intelligent Devices Group (IDG) continues to lead the company’s strong performance. The PC and Smart Devices Group (PCSD), one of the two IDG business units, grew revenue by double digits year-on-year to US$10.6 billion. Pre-tax income reached US$670 million, up nearly 28% year-on-year, while industry-leading profitability improved by almost 1 point to a new record of 6.3%. The PC market significantly outperformed the industry forecast of a market decline, with Lenovo retaining its #1 leadership position in the worldwide PC Devices market (PC and Tablets). Similarly, there was strong year-on-year growth (45%) in Consumer business revenue worldwide.  Driven by these successes, revenue grew 30% in EMEA and 18% in China.

#BAHRAIN BUSINESS BITES #BUSINESS BITES #BUSINESS NEWS BAHRAIN #BTM SEPTEMBER 2020

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