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Rand weakness to boost Naspers profit

Jun 11 2013 18:06 Fin24


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Cape Town - Media giant Naspers [JSE:NPN] on Tuesday said that it expected core headline earnings per share for the year ended March 2013 to be between 15% and 25% higher than the comparable period's 1 850 cents owing to local currency weakness.

Despite the positive trading statement, the company's share price slumped 2.1% to close at R699 on Tuesday.

Naspers said most of the group's core headline earnings is generated from operations offshore and "as a consequence, the currency translation effect of the depreciation of the rand relative to the prior period will play a significant role in boosting expected core headline earnings growth".

Shareholders are reminded that the board considers core headline earnings an appropriate indicator of the sustainable operating performance of the group, as it adjusts for non-recurring and non-operational items.

Headline earnings per share for the period are expected to be between 25% and 35% higher than the prior period's 1 297 cents.

It is expected that earnings per share for the year ended March 31 2013, will be between 100% and 110% higher compared to the prior period's 770 cents, mainly as a consequence of the book profit flowing from Mail.ru's sale of a portion of its shares in Facebook, which is non-recurring.

Further details will be provided in the provisional report, due to be released on or about June 25 2013.

*Fin24 is part of Media24, a subsidiary of Naspers.

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