Tuesday, November 29, 2022

Tech Investor Prosus Reports 82 Percent Fall In H1 Profit

Tech Investor Prosus Reports 82 Percent Fall

Technology investor Prosus NV on Wednesday reported an 82 percent drop in earnings per share for the half year ended Sept. 30, due to higher investment costs and a smaller contribution from its large stake in China’s Tencent Holdings Ltd.

The reported earnings of $1.81 per share were in line with expectations after Prosus published a trading update on Monday, guiding for earnings of $1.32-$2.02 per share, compared with $10.07 a year ago.

Group revenue rose 9 percent to $16.5 billion.

Trading loss, a nonstandard measure that Prosus says reflects its operating performance, increased to $998 million from $522 million.

Prosus said it expects investment costs to fall going forward.

“Our business is well positioned for improvements in profitability and cash flow generation,” it said in a statement.

Prosus, controlled by Naspers of South Africa, has a 28.10 percent stake in Tencent, worth $95 billion at current prices.

Other companies in which Prosus owns a majority stake include the OLX classified markets, Brazilian meals delivery company iFood and India-focused payments company PayU.


AMSTERDAM (Reuters)

Inside Telecom provides you with an extensive list of content covering all aspects of the Tech industry. Keep an eye on our Breaking News section to stay informed and updated with our daily articles.