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China's Lenovo posts 29 percent jump in annual profits on smartphone sales

HONG KONG -- Chinese computer maker Lenovo Group on Wednesday announced a jump in full-year net profits of 29 percent, driven by record sales of smartphones.

Net profit for the financial year ending March 31 rose to US$817.23 million, up 28.7 percent year-on-year.

Revenues were up 14.3 percent to US$38.71 billion, the company said in a filing to the Hong Kong Stock Exchange.

“Fiscal year 2013/14 was another record year for Lenovo,” Yang Yuanqing, the company's chairman and chief executive officer, said in the filing.

“The record sales and profits that we delivered last year prove that Lenovo can grow and deliver its commitments, no matter the market conditions,” he added in a press statement.

The Hong Kong-listed firm is the world's leader in the PC market, with a 17.7-percent global market share, but has plans to shift away from its traditional focus as consumers buy more tablets and smartphones.

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