Naspers profit slumps

Technology investor Naspers on Tuesday reported a 78% slump in annual profit, led by a drop in the contribution from China’s Tencent Holdings, which accounts for the bulk of earnings and revenue for the JSE-listed firm.

Its headline earnings per share from continuing operations dropped to US$1.19 for the year ended 31 March, from $5.47 posted a year ago.

Naspers, which has its global investments housed in Amsterdam-listed Prosus, draws over two-thirds of its revenue from Tencent.

Its investment in Tencent, where it holds over a quarter of the company, also masks losses Naspers makes on an array of investments spanning 100 countries and businesses ranging from online classifieds to food delivery, fintech to education.

Read: Jobs axe to fall at Naspers

It posted revenue of $6.8-billion and its losses from e-commerce businesses including classifieds, fintech and food delivery came to $639-million.  — (c) 2023 Reuters

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