Africa’s biggest media group Naspers’ half year core headline earnings rose 32% to R1,75-billion, it said on Tuesday.
Naspers said core headline earnings per share came in at 506 cents, compared to 455 cents in the previous period.
The firm warned that South African consumer spending would continue to slow, placing pressure on advertising and circulation revenues.
Outside South Africa, Naspers said operations remained in growth phase.
”The group continues to make steady progress on a variety of fronts. The financial results show good growth especially in light of higher interest rates and slowing consumer spend in South Africa,” the group said in a statement.
Naspers’ electronic media businesses recorded revenue growth of 21% to R7,49-billion, thanks to net pay-television subscriber growth of 109 000.
Its print media businesses have experienced a slowdown in advertising revenues. ”This is evident from print advertising revenues, which after growing at some 19% per annum over the past three years, experienced slower growth of 12% in the period under review,” it said.
However, the print media business alone increased revenue by 14% to R2,998-billion.
Its internet segment’s revenue rose by 22% to R654-million in the same period a year ago.
It also said that its international businesses also continue to show strong growth. – Reuters, I-Net Bridge