China's PC giant Lenovo Group announced on Thursday that its the group's revenue for the fiscal year ended March 21, 2006 reached 103.6 billion HK dollars (13.28 billion U.S. dollars), up 359 percent over the previous year.

However, the full-year profit attributable to shareholders stood at 173 million HK dollars (22.18 million U.S. dollars), 85 percent down, due to the utilization of funds for acquisition of IBM's Personal Computing Division, said Lenovo Chairman Yang Yuanqing at a press conference.

He said "the board is pleased that Lenovo has met its first- year integration objectives for a smooth transition, stability in the business, and profitability in our international operations."

Yang said, "looking forward, we expect to realize the great potential of this company by leveraging the complementary strengths of the combined businesses. In China, we will sustain our strong momentum by further refining the relationship side of our dual business model, using the expertise from the acquired business."

He said, the group will also build the transaction side of model outside of China to capitalize upon the significant opportunities in the emerging markets while enhancing the relationship business with a tightly integrated end-to-end management system.

William J. Amelio, Lenovo's president, said " Lenovo is a great business with innovative products and a disciplined operating plan. We are sharply focused on taking the steps now that we believe will make us successful and more profitable over the long term, improving our operating efficiency, building brand awareness and expanding our dual business model."

Source: Xinhua