Prosus Sees Jump in Half-Year Headline Earnings

By Elena Vardon

Prosus said that it expects to see a rise in headline earnings per share for the first half of fiscal 2024.

The Dutch investment group--focused on consumer internet companies--said that it sees its earnings per share from continuing operations for the six months ended Sept. 30 increasing by between 42 U.S. cents and 49 U.S. cents. This would represent a 46% to 54% rise compared with the 91 cents it posted for the same period the previous year, restated to reflect the removal of the cross holding structure with South African investor Naspers, and the exit of the OLX Auto businesses.

Headline earnings per share are expected to rise between 46 cents to 48 cents from the 7 cents reported a year prior, while core headline earnings are seen up 35 cents to 38 cents from 39 cents, it said on Monday. These exclude impairment charges and gains related to the sell down of its Tencent stake, it noted.

"This growth is driven by improved profitability of our e-commerce consolidated businesses and equity-accounted investments, in particular Tencent, and an increase in our net interest income," it said.

The Amsterdam and Johannesburg-listed company added that it is on track to meet its commitment of consolidated e-commerce profitability and cash flow generation.

Prosus is scheduled report its financial statements for the period on Nov. 29.

Write to Elena Vardon at [e-mail]

(END) Dow Jones Newswires

November 20, 2023 11:50 ET (16:50 GMT)

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