Naspers’s stake in Chinese internet company Tencent is increasing as a percentage of group revenue, while losses at some of its e-commerce enterprises are rising, interim results released by the group on Wednesday showed. Core headline earnings per share (HEPS) grew 65% to $3.50 in the six months to end-September, roughly in the middle of its recent guidance. The group, which makes up almost 20% of the JSE all-share index, reported trading profit increased 40% to $2.1bn, 52% in rand terms, notably due to a healthy boost from Tencent, of which it owns about a third. Group revenue, measured on an economic-interest basis, increased 33% to $9bn, with internet revenues increasing 42% to $6.9bn. On a consolidated basis, excluding equity-accounted investments, group revenue increased 5%.
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