JSE heavyweight Naspers releases its interim results on Friday, probably at about 3pm, judging by last year. “Earnings per share were impacted significantly by the once-off gain recognised on disposal of the group’s interest in Flipkart,” Naspers said in a trading statement on November 19. Naspers sold its 11% stake in Indian e-commerce group Flipkart to US retail group Walmart for $2.2bn in August. “Headline earnings and earnings per share increased considerably as a result of the group’s share of fair-value gains recognised by Tencent on certain of its investments. Possible future gains on disposal and fair-value adjustments on investments are by nature unpredictable.”

Naspers said it expected its “core” headline earnings per share (HEPS) for the six months to end-September to grow about 40% of the corresponding period’s “adjusted” $2.77. “Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the operating performance of the gr...

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