Naspers Expects Fiscal Year 2018 Earnings to Soar on Tencent Stake Sale
14 June 2018 - 12:02AM
Dow Jones News
By Adria Calatayud
Naspers Ltd. (NPN.JO) said Wednesday that it expects earnings
per share for fiscal 2018 to soar after it reduced its stake in
Chinese tech giant Tencent Holdings Ltd. (0700.HK).
The South African media and internet company said it estimates
earnings per share of between $26.08 and $26.56 for the year ended
March 31. This compares with EPS of $5.48 for fiscal 2017, which
has been adjusted from the $6.77 Naspers originally reported to
reflect a change in the company's accounting policy. This growth is
due to the one-off gain from the disposal of a portion of the
Tencent shares owned by Naspers, the company said.
Core headline EPS--the company's preferred earnings measure,
which strips out non-recurring and non-operational items--for
fiscal 2018 is expected at between $5.73 and $5.9, Naspers said.
This would represent a 70% to 75% growth compared with a core
headline EPS of $3.37 for fiscal 2017 after a restatement to
reflect the company's new accounting policy.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
June 13, 2018 09:47 ET (13:47 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.