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.
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