Naspers flags first-half earnings rise. Headline earnings and earnings per share increased considerably as a result of

its share of fair-value gains recognised by Tencent.

Naspers has forecast a strong rise in first-half earnings, boosted by changes

to its accounting policy.

In a trading statement yesterday, the Internet and media giant said core

headline earnings per share (HEPS_ for the six months to end-September would

be between 7% and 13% higher than a year ago. However, the group has amended

its calculation of core HEPS and restated last year's numbers. As a result, it

said core HEPS for the period are likely to be between 35% and 43% higher.

Core HEPS is the most accurate indicator of Naspers's operating performance.

On the same restated basis, earnings per share (EPS) for the period will be up

by between 210% and 217% due to the once-off gain recognised on the $2.2

billion disposal of its 11.2% interest in India, e-commerce retailer Flipkart

to Walmart.

Last week, Tencent, in which Naspers owns a 31% stake, reported better than

expected net income of 23.3 billion yuan for the three months to end-

September. The average estimate was for earnings of 18.4 billion yuan

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," Naspers said. "Possible future gains on disposal and fair-value

adjustments on investments are by nature unpredictable."

Naspers's results are due for release on 30 November. Its shares ended trade

1.7% higher at 2,825 rand.

Is there an EE black Friday sale? 2 for 1 on Naspers maybe?

-- Rob AF. (@RobForbesDJ) November 19, 2018

Is there an EE black Friday sale? 2 for 1 on Naspers maybe?

-- Rob AF. (@RobForbesDJ) November 19, 2018