Internet giant Naspers said on Wednesday that it expects headline earnings per share from continuing operations to rise by between 121% and 124% for the year that ended March 2019.
The company said that Headline earnings per share increased considerably as a result of the group’s share of fair-value gains recognised by Tencent, in which it has a 30% share.
Core headline earnings per share are expected to increase between 24% – 26%. The Naspers board said it considers core headline earnings an appropriate indicator of the operating performance of the group, as it adjusts for non-operational items.
Earnings per share is expected to decline by up to 63%. “Earnings per share was impacted significantly by the gain of US$1.6 billion recognised on disposal of the group’s interest in Flipkart Limited as well as by a gain recorded on the distribution of the MultiChoice Group to the group’s shareholders,” the group said.
During the financial year Naspers spun out and separately listed its pay-TV group Multichoice. The results of that business will therefore be presented as results from discontinued operations, it said.
Further details will be provided in financial results due for release on 21 June 2019.