Naspers Fiscal Year 2023 Headline EPS Slumped

By Anthony O. Goriainoff

Naspers said Wednesday that it expects to report a fall in core headline earnings per share of as much as 33% for the year, although earnings from consolidated businesses in the second half of fiscal 2023 were stronger than in the first half.

The South African investor--which owns a stake in Chinese tech giant Tencent Holdings through Prosus--said overall earnings in the year ended March 31 were hurt by a reduced profit contribution from its associates, and Tencent in particular. It said that it reduced its stake in Tencent to 26% from 29% during the year.

The company expects to report a $1.86 to $2.36, or 26%-33%, fall in core headline earnings per share for the year.

It expects core headline EPS from continuing operations for fiscal 2024 to fall by between $1.71 and $2.21, or to 26% to 33%, mostly due to the lower profitability across its equity-accounted associates.

"Post the close of the financial year ended 2023, announcements by Tencent and other significant associates reflect improvements in earnings driven by renewed revenue growth, actions in fiscal 2023 to improve future profitability, and the positive impacts of removing Covid-19 restrictions," the company said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

June 14, 2023 02:51 ET (06:51 GMT)

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