Lenovo Group (00992) said it reported a loss attributable to equity holders of US$189 million for the year ended 31 March 2018, as compared to the profit of US$535 million for the previous financial year.
Basic and diluted loss per share was US1.67 cents.
Revenue amounted to US$45,350 million, an increase of 5.4% from a year earlier.
Gross margin decreased by 0.4 percentage point year-on-year to 13.8%, mainly due to increased component costs especially in memory.
The new US tax legislation enacted on 22 December 2017 effectively reduced the US corporate tax rate to 21% starting from 1 January 2018. As a result, the Group recorded a one-time non-cash write-off charge of US$400 million on the deferred income tax assets, which resulted in the turnaround to loss for the financial year.
For the fourth quarter ended 31 March 2018, Lenovo's profit attributable to equity holders dropped 69% year-on-year to US$33 million.
The proposed final dividend is HK20.5 cents (2017: HK20.5 cents) per share, payable on 18 July.
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