The JSE’s largest company, Naspers, is scheduled to release its 2018 financial year results on Friday. Judging from last year, Naspers will probably release its results at about 3pm. The internet group’s figures will be trickier than usual to decipher because it has restated its 2017 results after deciding to change its accounting policies. Naspers said that under its new accounting rules, the headline earnings per share (HEPS) it reported in 2017 would fall to $0.44 from the originally reported $1.79. The change is due to its decision to make the share payments promised to owners of businesses it acquired and others by acquiring existing shares instead of issuing new shares, Naspers said in a trading statement on June 13. Under its old accounting rules, its HEPS would more than double, whereas under its new rules, HEPS growth will jump by as much as 850%, the trading statement said. Naspers said its "core" HEPS would grow by up to 45%. Naspers’s 31%-owned Chinese associate Tencent ...

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