(Yicai Global) Aug. 12 -- Lenovo Group has posted its strongest quarterly results with net profit at the world’s most popular personal computer maker more than doubling in the first quarter, driven by a strong recovery in demand for PCs, tablets and smartphones as well as a big surge in returns from its new Solutions and Services Group.

Lenovo raked in CNY3 billion (USD466 million) in net profit for the three months ended March 31, the Beijing-based firm said in its latest earnings report released yesterday. Revenue was up 27 percent to CNY109.4 billion (USD16.9 billion).

Lenovo’s Intelligent Devices Group, which covers PCs, tablets and smartphones, reported a 43 percent leap in profit to CNY7 billion (USD1 billion) and a 28 percent surge in revenue to CNY94.7 billion (USD14.7 billion). Non-PC revenue contributed 18 percent of these earnings, a gain of 57 percent year on year. Tablet sales soared 58.2 percent from a year and its smartphone business posted 64.4 percent growth.

The Solutions and Services Group, set up to drive service-led growth opportunities, logged a 51 percent jump in profit year on year to CNY1.7 billion (USD262.6 million) and a 38 percent increase in revenue to CNY7.65 billion.

Lenovo remains on track for its listing on the Shanghai stock exchange’s Nasdaq-style Star Market, Chairman Yang Yuanqing said at the earnings call, without mentioning any timings.

The company will continue to increase investment in research and development, aiming to double it over the next three years, Yang said. It also remains open to investment opportunities in the semiconductor sector, he added.

Lenovo’s share price [HKG:0992] closed up 1.37 percent today at HKD8.13 (USD1.26).

Editor: Kim Taylor