Lenovo on Thursday revealed a return to profit after three straight quarters of losses as the world’s fourth largest personal computer maker started to reap the rewards of cost cuts, a management reshuffle and continued growth in China.

The Chinese group, which until two years ago was neck-and-neck in terms of market share with its Taiwanese rival Acer , was the worst-hit of the world’s top PC makers by the economic downturn. This is mainly due to its over-reliance on corporate business, a legacy of its acquisition of IBM’s PC division in 2005.