Updates with particulars on earnings, feedback and background
AMSTERDAM, Nov 23 (Reuters) – Expertise funding firm Prosus NV PRX.AS stated on Monday core earnings for the six months ended Sept. 30 surged 29% to $2.2 billion, as proceeds from its profitable stake in China’s Tencent 0700.HK offset losses at its different on-line companies.
Prosus operates on-line meals supply, categorised and funds companies, and holds a 31% stake in Chinese language social media and on-line gaming firm Tencent.
Core headline earnings, a non-standard measure that the Amsterdam-based firm says finest displays its underlying efficiency, had been $1.7 billion within the year-ago interval.
“The pandemic has accelerated exercise within the client web house, benefiting our companies,” Chief Government Officer Bob van Dijk stated in an announcement.
In its outlook, Prosus stated its underlying companies have been “robust, with all well-positioned to construct on the accelerating shift to on-line triggered by the pandemic.”
The corporate reported an working lack of $207 million, however narrowed from final yr’s lack of $252 million, which Prosus stated was resulting from higher efficiency by its meals supply platforms in Brazil and India.
Proceeds from firms wherein Prosus owns a minority stake, which embrace the Tencent stake, elevated to $2.9 billion from $2.three billion.
That led to per-share earnings of $1.85, up from $1.54, consistent with the corporate’s Nov. 16 buying and selling assertion.
Shares of the tech investor closed at 90.00 euros ($106.87) on Friday.
Prosus, which ended the half yr with $4.three billion in web cash, stated in October that it plans to purchase again $5 billion worth of shares in its personal and father or mother Nasper, proportionate to the South African firm’s 72.6% stake in Prosus.
Prosus stated on Monday the shopping for programme is geared toward decreasing the hole in valuation between its personal 148 billion euro market capitalization and the 190 billion euro market value of its stake in Tencent.
($1 = 0.8422 euros)
(Reporting by Toby Sterling; Enhancing by Kim Coghill and Sherry Jacob-Phillips)
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