Lenovo A/NZ sees profit growth following tax benefit

Lenovo Australia and New Zealand has gained a major uplift of net profit after tax (NPAT) due to a $7.3 million tax benefit which pushed its bottom line up to $12.5 million for the financial year ended March 2018.

The year previously, Lenovo saw most of its $5.7 million profit eaten away by tax, leaving it with $700,000.

However, sales of goods and services by Lenovo have dipped across A/NZ as the global PC market continues to decline. In particular, the Chinese vendor’s support services revenue took a major hit, plummeting by more than a quarter, going from $31.3 million in 2017 down to $23 million for the year ending 31 March 2018.

The yearly update revealed a 2.6 per cent decline in income from PC sales totalling $683 million for the trans-Trasman region. Meanwhile operating revenue from other activities increased from $5.4 million to $12 million.

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