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South Africa's Naspers posts 18 pct rise in annual profit

JOHANNESBURG (Reuters) - South African ecommerce and media group Naspers reported an 18 percent rise in full-year profit on Friday, lifted by growth in its Internet business, which includes a stake in China's Tencent Holdings.
Naspers, which owns 34 percent of the Chinese social network and online entertainment firm, said fully diluted core headline earnings per share (EPS) rose to 292 US cents for the year ended March, from 249 cents a year earlier.
Headline EPS is the main profit measure in South Africa and strips out certain one-off items.
Africa's largest company by market value, Naspers has transformed itself from an apartheid-era publisher into a $65 billion Internet powerhouse by focusing on e-commerce in emerging markets.
Revenue grew 6 percent to $12.2 billion, driven by growth from Tencent and from ecommerce on the back of revenue growth in classifieds, travel and retail, Naspers said in a statement.
"In some sectors of ecommerce we are starting to benefit from scale," said Naspers' Chairman Koos Bekker in a statement.
But the firm's video entertainment unit, which does most of its sales in Africa, weighed on the rest of the business as revenue fell 11 percent due to weaker currencies and a loss of subscribers.
Bekker said the unit is under "considerable pressure".
Naspers bills its pay-television customers in local currencies, most of which have slumped as commodity prices fell last year, shrinking its revenue in dollar terms, the company said.
"It could take some time before the plans implemented to reinvigorate growth and cut costs have a material positive impact," Naspers said.
The company released its results after the close of trade on the Johannesburg Securities Exchange.

Prospects
In the year ahead, the focus will be on continuing to
deliver topline growth while scaling the more established
ecommerce businesses. Naspers will invest in long-term
growth opportunities such as ShowMax, letgo and ibibo and
seek further new promising models. In video entertainment,
the loss of DTH subscribers and falling currencies in sub-
Saharan Africa will have a significant impact on earnings
and cash flows. It could take some time before the plans
implemented to reinvigorate growth and cut costs have a
material positive impact.


DIVIDEND NUMBER 87
(all figures in South African cents)
The board recommends that the annual gross dividend be
increased by 11% to 520 cents (previously 470 cents) per
listed N ordinary share, and 104 cents (previously 94 cents)
per unlisted A ordinary share. If confirmed by shareholders
at the annual general meeting on Friday 26 August 2016,
dividends will be payable to shareholders recorded in the
books on Friday 16 September 2016. It will be paid on Monday
19 September 2016. The last date to trade cum dividend
will be on Tuesday 13 September 2016 (shares therefore
to trade ex-dividend from Wednesday 14 September
2016). Share certificates may not be dematerialised or
rematerialised between Wednesday 14 September 2016
and Friday 16 September 2016, both dates inclusive.
The dividend will be declared from income reserves.
It will be subject to the dividend tax rate of 15%, yielding
a net dividend of 442 cents per listed N ordinary share
and 88.4 cents per unlisted A ordinary share to those
shareholders not exempt from paying dividend tax. Such
dividend tax will amount to 78 cents per listed N ordinary
share and 15.6 cents per unlisted A ordinary share.
The issued ordinary share capital as at 24 June 2016 was
437 920 115 N ordinary shares and 907 128 A ordinary shares.

EU chiefs say Britain must leave 'as soon as possible' looks like frikkie is there ?

 

Rant R14.92

http://www.bloomberg.com/graphics/2016-brexit-referendum/

My NPN is brining results out