China's Lenovo full-year profit rises 29 pct; meets estimates

BEIJING Wed May 21, 2014 12:34am EDT

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BEIJING May 21 (Reuters) - Chinese personal computer and smartphone maker Lenovo Group Ltd on Wednesday met analyst estimates by reporting a 28.7 percent rise in full-year net profit, as poor growth in China was propped up by sales in other markets.

Net profit reached $817.2 million for the year ending March, in line with the $819.7 million SmartEstimate of 34 analysts according to Thomson Reuters Eikon. SmartEstimates give greater weighting to estimates of the more accurate analysts.

Revenue rose 14.3 percent to $38.7 billion. Most of the growth came from outside China, still Lenovo's biggest market but one where revenue only grew 1.3 percent.

Shares of Lenovo ended morning trade 1.9 percent higher ahead of the results, versus a 0.1 percent decline in the benchmark index. (Reporting by Paul Carsten; Editing by Christopher Cushing)

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