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Naspers Profit Rises up to 25% as Weaker Rand Boosts Earnings

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June 11 (Bloomberg) -- Naspers Ltd., Africa’s largest media group, said full-year earnings per share rose as much as 25 percent after the depreciation of the rand helped boost its overseas profit.

So-called headline earnings per share, excluding non-recurring and non-operational items, were 15 percent to 25 percent higher in the 12 months through March compared with 1.85 rand a year earlier, the Cape Town-based company said in a statement today.

“The majority of our core headline earnings are generated from operations offshore,” the company said. “The currency-translation effect of the depreciation of the rand relative to the prior period will play a significant role in boosting expected headline earnings growth.”

Naspers, which owns stakes in Russian social networking and gaming site Mail.ru Group Ltd. and Hong Kong-based Tencent Holdings Ltd., said earnings per share including one-time items will be 100 percent to 110 percent higher than the previous period’s 770 cents because of the sale of a portion of Mail.ru’s stake in Facebook Inc.

The rand has weakened 16 percent against the dollar this year, making it the worst performer of 16 major currencies tracked by Bloomberg.

To contact the reporter on this story: Christopher Spillane in Johannesburg at cspillane3@bloomberg.net

To contact the editor responsible for this story: David Risser at drisser@bloomberg.net

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