Picture: SHELLEY CHRISTIANS
Picture: SHELLEY CHRISTIANS

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DIVERSIFIED global internet and e-commerce group Naspers’s core headline earnings are 45% higher at R8.8bn for the six months to end September.

The company said on Friday that it continued to progress in building consumer destinations and platforms in fast-growing markets and that its interim results, in the aggregate, were in line with the board’s expectations.

Tencent and the South African video-entertainment business are the main contributors to group core earnings.

Revenue growth remains strong with the internet segment, which has grown 33% (28%), outpacing growth in other segments. Internet revenues now account for 64% of group revenues, up from 60% a year ago. Businesses outside SA now contribute 75% of revenues, up from 71% a year ago.

E-commerce trading losses are up 55% (46%) year on year, mainly due to costs incurred by "e-tail" equity-accounted investments to scale their businesses.

An impairment loss of R1.9bn has been recognised during the period for the group’s investment in its Latin American online comparison shopping business, Buscapé.

Over the review period, the e-commerce segment grew revenue by 26% (27%) to R15.3bn but the segment reported a trading loss of R3.8bn, with development spend of R4.3bn.

At 4.32pm Naspers shares were 2.92% lower at R2,1599.70.