COMPANIES
Naspers reports solid results
Posted Wed, 30 Nov 2005
Media group Naspers on Tuesday reported revenues up 14 percent to R7.7-billion, core headline earnings of 345 cents per share, and free cash flow of R722-million for the six months to September 2005.
Ton Vosloo, Naspers chairperson, stated: "Favourable macro-economic conditions in our major markets helped Naspers achieve satisfactory results over the period. However, development costs in the second half of the year will subdue earnings growth".
Naspers CEO Koos Bekker commented: "In South Africa, the general state of the economy looks sound. This is largely due to astute management of the economy by the government.
"However, we have previously cautioned shareholders that we serve consumers whose spending power is influenced by economic cycles. If such trends turn negative, as they will do from time to time, we will be affected."
The pay TV business grew its subscriber base by a net 81 000, with total subscribers under management totalling 2.38 million across
some 50 countries.
The South African internet business remains profitable, but slow-growing due to a lack of broadband connections.
"South Africa is falling dramatically behind its peers in broadband penetration," the company said.
Naspers shares fell 2.95 percent to end at 104 rand on the JSE on Tuesday.
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