China's largest maker of personal computers posted a full year net profit of HK$173.24 million (US$22.2 million), versus HK$1.12 billion a year earlier.

The results missed a mean consensus forecast of HK$983.01 million, according to 18 analysts polled by Reuters Estimates.

The firm has been conceding market share to bigger rivals Dell Inc. and Hewlett-Packard Co. , and it posted an operating loss in Asia in the fiscal third quarter that reflected the shaky business condition it inherited from IBM.

Now, Lenovo hopes to transform itself into a notebook powerhouse by twinning expertise in lower-end PCs with the strength in laptops it bought along with Big Blue's PC assets.

Its Hong Kong shares fell 17.5 percent from January to March, underperforming Hewlett-Packard's 14.9 percent rise and Dell's 0.6 percent slide over the same period.