Naspers Ltd. (NPN.JO) said Wednesday that its pretax profit and revenue increased in the first half of fiscal 2018 as the South African investment company benefited from growth in its e-commerce businesses.
Naspers said it made a profit of $1.22 billion for the six months to Sept. 30, rising from $685 million the year before. The increase was largely driven by contributions to earnings from investee companies. Excluding equity-accounted investments, revenue rose to $3.11 billion from $2.96 billion.
The company said that its core headline earnings--its measure of sustainable operating performance--rose 65% to $1.50 billion, benefiting from its investment in Chinese technology company Tencent Holdings Ltd. (0700.HK) and increased profitability in its e-commerce businesses.
Naspers said that going forward, it intends to drive scale to bring its e-commerce business to profitability and cash-generation, while maintaining tight cost controls on more mature businesses. The company said that its balance sheet remains strong and that its current business plan is fully funded.
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(END) Dow Jones Newswires
November 29, 2017 09:05 ET (14:05 GMT)