Internet boosts South Africa's Naspers FY profit by 20 pct

Mergers, Acquisitions and Financial Results

South African media and Internet firm Naspers posted an expected 20 percent jump in annual profit on Tuesday, boosted by strong performance in its Internet businesses and a weaker rand currency.

The company, which has stakes in Internet firms such as China's Tencent and Russia's, said core headline earnings per share increased to 2,216 cents from 1,850 cents last year.

Naspers had said earnings for the year to end-March would rise by as much as 25 percent.

The company considers core headline earnings, which exclude some one-time items, as its main measure of profit.

Naspers' revenue grew 27 percent to 50.25 billion rand ($5 billion) and it declared a 385 cents per share dividend, from 335 cents last year.