Lenovo saw a 59 per cent rise in fourth quarter profits thanks to strong sales in China, Reuters reports. The PC manufacturer recorded a net profit of nearly $473 million (around £300 million) for the last fiscal year, up significantly from $273 million the year before.
The company increased PC shipments to China by nearly 23 per cent during the quarter, a figure that sits at more than double the industry growth rate. China represents 42 per cent of Lenovo's gross revenue, with Japan and Europe together accounting for another 42 per cent.
Staggeringly high demand in China has led that country's PC, tablet and smartphone markets to outgrow other regions. "The China PC market grew by 13 percent year-on-year during the fiscal year and became the largest PC market in the world", Lenovo said in a statement.
Some analysts believe the company, which is currently the second largest PC manufacturer in the world, could overtake HP to become the global leader in PC sales as early as next year.