Computer maker Lenovo reports 177 percent increase in profits

Computer maker Lenovo reports 177 percent increase in profits

Lenovo Group announced Thursday that its profit jumped 177 percent thanks to restructuring and efforts to expand sales in the United States and Europe.

Earnings for the fiscal second quarter were US$105.3 million (EUR72.9 million), the Beijing-based company said. That was up from US$37.9 mln (EUR26.2 million) for the same period a year earlier.

Revenues were up almost 20 percent at US$4.4 billion (EUR3 billion), the company said.

Lenovo launched a worldwide effort to improve efficiency and increase market share after acquiring IBM Corp.'s personal computer unit in 2005.