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Johannesburg - Internet and media giant Naspers [JSE:NPN] says it expects higher core headline earnings per share but that its full-year earnings could be up to 25% lower than the prior period.
The company said it expects its “core headline earnings per share to be between 15% (38 US cents) and 20% (51 US cents) higher than the comparable period’s 255 US cents.”
But Naspers said it expects its earnings per share for the year ended 31 March 2016 to be “between 20% (62 US cents) and 25% (78 US cents) lower compared to the prior period’s $311 US cents.”
Upon release of its market update to shareholders at 15:00 on Wednesday, Naspers' share price in Johannesburg dipped from R2 199 at 15:00 to R2 176.80 at 15:55. However, on the day, the share price was still up just over 1.3% in trade just after 16:00 on Wednesday.
“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,” said the company in its note.
Naspers further said that its headline earnings per share for the year is expected to increase by between 0% (0 US cent) and 5% (8 US cents) from the prior period’s 167 US cents.
The company’s use of US dollar figures in its latest update to shareholders comes after it announced a switch to dollar reporting earlier this year.
Naspers is set to release a provisional report “on or about 24 June 2016”, the company said.
