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Lenovo incurs $189m loss in FY 17/18

Lenovo incurs $189m loss in FY 17/18

Mubasher: China-based Lenovo Group on Thursday announced turning to loss for the fiscal year (FY) 2017/2018.

Net losses recorded $189 million in FY17/18, higher than the average forecast, against a net profit of $535 million a year earlier, according to the group’s recent statement.

It is worth noting that Lenovo’s fiscal year begins in September and ends in March.

Analysts had expected Lenovo's loss to stand at $145 million for the fiscal year ended 31 March 2018.

Revenues of the Chinese PC maker grew 4.5% to $45.35 billion in FY17/18, according to the statement.

In the fourth fiscal quarter ends in March, net profits tumbled 69% to $33 million, from $107 million in the same period of the prior year, while revenues went up 11% to $10.64 billion, the firm's data showed.