Naspers Key Profit Figure Nearly Doubles, Ecommerce Swings to Profit
By Ian Walker
Naspers said a key profit figure nearly doubled, while its ecommerce business swung to profit six months ahead of target.
The South African investor--which owns a stake in Chinese tech giant Tencent Holdings through Prosus--said Monday that core headline earnings from continuing operations rose to $2.1 billion for the year ended March 31 compared with $1.1 billion for the comparable period a year earlier.
Ecommerce profit for the year was $24 million compared with a loss of $436 million.
Group revenue for the year rose to $6.4 billion from $6.0 billion.
"Our strong and flexible balance sheet, active portfolio management and disciplined capital allocation put us in strong position to deliver against our long-term strategy," Prosus and Naspers Chief Financial Officer Basil Sgourdos said,
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 24, 2024 02:24 ET (06:24 GMT)
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