Naspers core earnings up 67%
Johannesburg - Africa's biggest media group, Naspers, posted a 3.6% rise in annual headline earnings per share to 756 cents on Tuesday and said future growth depended on continued expansion in its markets, which was uncertain.
Naspers, which publishes South Africa's top-selling newspaper Daily Sun and runs the continent's only pay-TV network, said core headline EPS - which strips out all non-recurring tems - rose 62.9% to 696c. Core headline earnings of R1.9bn were up 67% on the year-ago period.
The group said it had experience strong economic growth in key markets like China and South Africa.
"Future growth will be reliant on continued economic expansion in our markets, which is uncertain."
Naspers said in a statement that it needed to make strategic investments in the year ahead to be able to continue delivering growth, knowing that this will reduce short-term earnings and cash flow growth.
The group said the modest 6% increase in headline earnings to R2.14bn came after recurring items boosted headline earnings in the previous financial year to R2.02bn.
The figures were in line with the company's own forecast for core headline EPS growth of 60% to 70%.
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