Technology Investor Prosus Reports 82% Drop In H1 Profit


Prosus NV, a technology investor, reported an 82 per cent drop in earnings per share for the half year ended September 30, owing to higher investment costs and a lower contribution from its large stake in China’s Tencent Holdings Ltd.

Earnings per share of $1.81 were in line with expectations after Prosus issued a trading update on Monday, guiding for earnings of $1.32-$2.02 per share, compared to $10.07 a year ago.

Revenue increased by 9 per cent to $16.5 billion.

Prosus’ trading loss, a nonstandard measure that it claims reflects its operating performance, increased from $522 million to $998 million. Prosus expects investment costs to fall in the future.

Prosus, which is controlled by Naspers of South Africa, owns 28.10 per cent of Tencent, which is worth $95 billion at current prices.

Prosus also owns a majority stake in the OLX classified markets, the Brazilian meal delivery company iFood, and the India-focused payments company PayU.

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