Prosus 1st Half Profit Fell on Foreign Exchange Headwind, Sees Profit in Fiscal Year 2025

By Michael Susin

Prosus NV said Wednesday that trading profit for the first half of fiscal 2023 fell, despite an increased revenue, amid significant foreign exchange headwinds.

The Dutch investment group focused in consumer internet companies said that trading profit for the six months ended Sept. 30 fell by 37% to $1.4 billion, reflecting a lower contribution from Tencent and investment in e-commerce extensions and foreign currency headwinds in emerging markets.

However, revenue rose 9% to $16.5 billion driven mainly by a 41% increase in e-commerce revenue, which benefited from a robust operating performance across all core segments.

Core headline earnings were down 60% to $897 million, it added.

The company said it expects its e-commerce portfolio to become profitable in the first half of fiscal 2025.

"Looking ahead, we will work towards simplifying the group's structure and to crystallizes value from our portfolio," Chief Executive Bob van Dijk said.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

November 23, 2022 01:42 ET (06:42 GMT)

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