South Africa’s Naspers flags half-year earnings slump

The South Africa-listed company said in a statement core headline earnings per share for the six months ended Sept. 30 are expected to fall by between 54.70% and 61.70%, down from 416 US cents posted a year ago.

“During the period, growth expectations and valuations came under significant pressure as consumers adapted to the realities of higher inflation and interest rates on their daily lives and spending power,” Naspers said.

Naspers, which holds a 28.10% stake in the Chinese internet gaming and social media group Tencent through Amsterdam-listed subsidiary Prosus NV, said although earnings declined, its ecommerce businesses maintained strong top-line growth momentum.

(Reporting by Nqobile Dludla; ​​Editing by Andrea Ricci)

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