By Yi Wei Wong
Lenovo Group reported that net profit for its first fiscal quarter gained as net margins hit an all time high.
The Hong Kong-listed technology company reported that its net profit rose 11% to $516 million in the first quarter of the fiscal year.
Revenue rose slightly to $16.96 billion during the period, compared with $16.93 billion a year ago.
The company's net margin grew by 29 basis points to hit an all-time high during the period, the company said in a stock exchange release Wednesday.
Lenovo Group continues to aim to double it net margin in the medium term, it said. A new strategic partnership with service provider PCCW Solutions will also see the creation of a technology solutions business by the end of 2022.
The company also aims to achieve net-zero emissions by 2050, Lenovo Group added.
Write to Yi Wei Wong at yiwei.wong@wsj.com
(END) Dow Jones Newswires
08-09-22 2010ET