Lenovo Group's net profit dived 84.53 per cent to $173.23 million in the first financial year since it bought IBM's computer business.
The company reported a net loss of $903 million in the fourth quarter to March, during which a $543 million restructuring charge was incurred. It also blamed seasonal factors and competition outside China for the poor performance in its first year since the IBM acquisition in May last year.
Chairman Yang Yuanqing asked for more patience from the market and the Hong Kong-listed company's shareholders.
'Looking forward, we expect to realise the great potential of this company,' Mr Yang said. 'We've retained key customers from IBM and begun the next phase of our integration plan.'
Lenovo, the world's third-largest personal computer maker, saw revenue in the year ended March rise to $103.55 billion from $22.55 billion in the previous year. Fourth-quarter revenue grew 417 per cent year on year to $24.37 billion.
That performance was driven mainly by a continued strong performance in China where it has a dominant personal computer market share of 31.3 per cent and generated 36.7 per cent of its revenue in the year, chief financial officer Mary Ma Xuezheng said.
