Naspers' half-year profit jumps on strong e-commerce, Tencent

JOHANNESBURG (Reuters) - South African technology investor Naspers posted a 74% jump in its half-year core headline earnings, driven by accelerated growth and improved profitability of its e-commerce businesses and contribution from China’s Tencent.

 

Naspers said on Monday its core headline earnings for continuing operations rose to $1.5 billion in the six months ended Sept. 30, up from $866 million.

 

Core headline earnings, the group’s key indicator of profit, adjusts for non-operational items.   

 

Dutch subsidiary Prosus NV, which houses its international businesses and investments, reported core headline earnings of $3.5 billion, up from $2 billion.

 

Group revenue rose by 23% to $3.4 billion, while adjusted earnings before interest, tax (EBIT) swung to a profit of $36 million from a loss of $121 million as its e-commerce business turned profitable.  

 

Consolidated e-commerce revenue grew by 24% to $3.3 billion, while adjusted EBIT of that portfolio swung to a profit of $169 million, from a loss of $35 million.  

 

(Reporting by Nqobile Dludla; editing by Rashmi Aich and Jason Neely)