By Jaime Llinares Taboada
Naspers Ltd. on Monday posted lower earnings for the first half of fiscal 2021 as the flotation of its Prosus subsidiary resulted in a lower contribution to the parent group.
Naspers--a South African newspaper publisher turned technology giant and Africa's most valuable listed company--said its earnings per share for the six months ended Sept. 30 were 500 cents, down from 517 cents a year earlier and in line with the 484 cents to 521 cents guidance provided last week. The company said it recognized 72.7% of Prosus's earnings in the period, compared with 100% in fiscal 2020.
Core headline earnings per share--the company's preferred metric for operating performance--declined 4.2% to 363 cents.
Revenue increased 44% to $2.50 billion, it said.
"Despite the social and economic impact across the world, Naspers remained resilient and performed well in the first half of the current financial year--accelerating revenue growth, improving profitability and cash flow generation, and growing customer numbers as consumers moved online," the company said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
11-23-20 0137ET