Profitability decreased due to higher fuel surcharges, investments in new warehouses and discounted clearance of inventory, parent Naspers said.
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Interim profit slipped 93% as the technology investor increased funding of its businesses and took a knock from Tencent.
Naspers shares were trading more than 5% lower on Tuesday after the JSE-listed technology investor warned about a big slide in earnings.
Tencent Holdings on Wednesday said it will distribute most of its stake worth R350-billion in food delivery firm Meituan to its shareholders.
The Naspers unit gave up its stake in Russia’s largest social network for nothing, walking away from the company.
Takealot Group is pushing further into townships and growing its new grocery partnership to defend its market share, its CEO said.
Naspers has rubbished an report that it is in talks with a Chinese investment company to sell all its remaining shares in Tencent.
Tencent is on track to close at its lowest point in five years as investor sentiment turned negative over China’s macro outlook.
Prosus, the Dutch-based technology investor owned by Naspers, said it has agreed to sell its Russian online marketplace Avito.
Naspers-controlled technology investor Prosus has terminated its agreement to buy Indian payments platform BillDesk.