Lenovo Group has announced the results for its third fiscal quarter ended December 31, 2010, stating that its net profit increased by 25% year-on-year to USD100 million.

According to the financial report, Lenovo's sales in the third fiscal quarter reached USD5.8 billion, a year-on-year increase of 22%; and its gross profit was USD648 million, a year-on-year increase of 22%. At the same time, its operating profit for the third fiscal quarter increased by 28% year-on-year to USD127 million, excluding a USD2 million restructuring cost; its pre-tax income increased by 29% year-on-year to USD121 million; and its profit attributable to equity holders increased by 25% year-on-year to USD100 million.

In addition, Lenovo's basic earnings per share during the reporting period was USD1.03 cents, and its net cash reserves totaled USD3.2 billion by December 31, 2010.

Lenovo said that during the third quarter, the company saw its highest-ever market share in the Chinese PC market of 32.2%, and it maintained its double-digit worldwide market share position at 10.2%. For the seventh quarter in row, Lenovo grew faster than the industry as a whole.

Prior to the release of this financial report, Lenovo announced a joint venture with NEC Corporation in Japan and separately, a new mobile Internet business group a few weeks ago.