Lenovo's Net Profit Increases 112% in FY11-11 ThinkPad or August Listing

On May 26, Lenovo Group released its financial year 2010-2011 as of March 31, 2011. The financial report shows that Lenovo’s annual sales for the fiscal year 2010-2011 were US$ 21.6 billion; its annual profit before taxation was US$ 358 million; profit attributable to shareholders was US$ 273 million, an increase of 112% compared to last year’s US$ 129 million; The basic earnings per share for the year were 2.84 cents or 22.08 cents. As of March 31, 2011, the net cash reserve was 2.7 billion. The board of directors proposed to pay 5 cents per ordinary share (paying 4.5 cents for the last fiscal year).

Lenovo's president and COO Rory Read revealed at the earnings conference that the Lenovo ThinkPad tablet will be available in August this year.

Recently, some media exposed a ThinkPad X1 document that Lenovo issued to its partners. It mentioned a product called "X Slate," which was speculated to be Lenovo's upcoming new ThinkPad Tablet PC.

Lenovo Group executives have revealed that Lenovo has developed a ThinkPad-based tablet PC designed for business users, priced between 500-900 US dollars.

Yang Yuanqing, CEO of Lenovo Group, revealed in an interview with Dow Jones News that the product can run Android and Windows software, but the two are not compatible.