Tencent boosts Naspers? profit

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Tencent boosts Naspers profit --

Tue, 25 Nov 2014 12:57

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Africa s largest media company Naspers said first-half earnings increased 39 percent on growth in e-commerce, TV and the contribution from Hong Kong-based Tencent.

According to the Independent Online, the company said in a statement today, 25 November 2014, that operating profit was 2.25 billion rand in the six months through September, compared with 1.62 billion rand a year earlier.

Revenue rose 20 percent to 34.36 billion rand.

Chief executive Bob van Dijk said in the statement that the company is seeing meaningful increases in Internet traffic.

Naspers dominates satellite TV in Africa and has interests in emerging markets around the world, including stakes in Tencent and Russian Internet company Mail.ru.

The company expanded its online ads business earlier this month with a joint venture with companies including Oslo-based Schibsted across four countries, including Brazil and Indonesia.

Internet revenue gained 44 percent to 35.82 billion rand, and now accounts for more than half of the total.

The company added 342 000 customers to its pay TV business and now has 8.4 million subscribers to a service that offers English Premier League soccer and dramas such as Game of Thrones.

Sales from the unit increased 18 percent to 20.19 billion rand and Naspers expects further customer growth as African markets move from analogue TV to digital decoders.

The target is to develop online classifieds, Internet retail and digital terrestrial TV to deliver growth, chief financial officer Basil Sgourdos said.

Tencent contribution to revenue gained 46 percent to 22.37 billion rand, while Mail.ru added 1.31 billion rand, an increase of 19 percent.

Naspers shares have gained 38 percent this year, valuing the company at 632 billion rand.

Source: Independent Online

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