Prosus to trim Tencent stake as FY core headline earnings slump

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 50 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 66%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

AMSTERDAM : Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.The company plans to release its profit and loss figures later in the day.

AMSTERDAM : Prosus NV, the Dutch-based technology investor, on Monday reported a 20 per cent fall in its core headline earnings, a non-standard measure, for its financial year and also announced a major share repurchasing programme.The core headline earnings of the financial year ended March 31 came in at $3.7 billion, compared with $4.9 billion reported in a year-ago period.

"The macro-economic and severe geopolitical challenges in the second half of the year have presented significant headwinds," Chief Financial Officer Basil Sgourdos said in a statement. Prosus and South Africa's Naspers, which owns a controlling stake in the Dutch company, said they were launching an open-ended share repurchasing programme, under which they would sell down the massive 28.9 per cent stake Prosus holds in Chinese software giant Tencent, owner of WeChat, worth more than $100 billion.

They also announced the sale of a stake in Chinese e-commerce company JD.com, which had been distributed to owners of Tencent, raising proceeds $3.7 billion. The core headline figures were in line with indications the company had given in a June 15 trading statement saying it expected underlying profit to fall by 14-21 per cent due to higher investment costs in the e-commerce companies it operates and lower dividends from investments such as Tencent.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines