Followers | 679 |
Posts | 140715 |
Boards Moderated | 37 |
Alias Born | 03/10/2004 |
Monday, November 22, 2021 10:21:40 PM
By: Reuters | November 22, 2021
AMSTERDAM/JOHANNESBURG (Reuters) - Prosus, which owns a $175 billion minority stake in Chinese internet gaming and social media group Tencent, posted an 8% rise in first-half trading profit to $2.9 billion as revenue rose rapidly in its overall portfolio.
Sometimes compared to SoftBank and its Vision Fund, Prosus NV, owns stakes in a wide range of consumer internet companies, with returns from Tencent Holdings dominating its overall performance.
Although its net profit spiked after Prosus booked a one-time profit of $12.3 billion on the sale of part of its Tencent stake, operating losses at businesses it controls increased.
Prosus said in a statement on Monday that revenues at its e-commerce portfolio had risen by 53% to $4.2 billion, while that segment's trading loss increased to $372 million from a loss of $214 million in the same period a year ago.
The e-commerce portfolio, which does not include returns from its holding in Tencent, spans a group of businesses that Prosus either owns or controls in classified advertising, food delivery, educational technology and fintech and payments.
Prosus estimated the market value of the e-commerce businesses at around $49 billion.
It showed better profitability in its classifieds businesses, and strong growth at its food delivery businesses, which includes iFood in Brazil and Swiggy in India.
The figures were in line with indications the company had given in a Nov. 16 pre-announcement.
Bob Van Dijk, the Prosus CEO, said he did not expect China's recent moves to crack down on large technology firms to impact future earnings negatively.
"In spite of some regulation coming up ... Tencent is in my view the best-positioned internet company in the most attractive internet market in the world," he told reporters on a call.
In August, Prosus set up a cross-holding structure with Naspers, under which Prosus shareholders own 60% of their underlying assets but Naspers retains control. They share a single board.
In its separate earnings report, Naspers, South Africa's largest company by market capitalization, posted half-year revenue of $17.2 billion, up 29% from a year ago.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent TCEHY News
- Wall Street Highlights: Apple Appeals Watch Ban, Tesla to Launch Updated Model Y, and More • IH Market News • 12/27/2023 11:08:22 AM
- Correction to Global Gaming Stocks Article • Dow Jones News • 12/22/2023 12:32:00 PM
- Global Gaming Shares Dive After China Proposes Online-Gaming Curbs -- 2nd Update • Dow Jones News • 12/22/2023 12:13:00 PM
- Global Gaming Shares Fall After Draft China Rules Released -- Update • Dow Jones News • 12/22/2023 10:28:00 AM
- Moody’s Reassesses China, GitLab Exceeds Estimates, Twilio Plans Major Layoffs, and More • IH Market News • 12/05/2023 11:25:58 AM
- Canada Bans WeChat, Kaspersky Apps on Government Devices • Dow Jones News • 10/30/2023 05:12:00 PM
- Crypto This Friday: THORSwap Resumes Operations, Paolo Ardoino Takes Over as Tether CEO, and More • IH Market News • 10/13/2023 05:46:35 PM
- New Alibaba Group CEO Lays Out Strategic Priorities For Staff • IH Market News • 09/12/2023 11:11:16 AM
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM
Coinllectibles' Subsidiary, Grand Town Development Limited, Acquires Rare Song Dynasty Ceramics Worth Over USD28million • COSG • Apr 18, 2024 8:03 AM
ILUS Provides Form 10-K Filing Update • ILUS • Apr 17, 2024 9:54 AM
Glucotrack Announces Expansion of Its Continuous Glucose Monitoring Technology to Epidural Glucose Monitoring • GCTK • Apr 17, 2024 8:00 AM
Maybacks Global Entertainment To Fire Up 24 New Stations in Louisiana • AHRO • Apr 16, 2024 1:30 PM
Cannabix Technologies Begins Certification of Contactless Alcohol Breathalyzer, Re-Brands product series to Breath Logix • BLOZF • Apr 16, 2024 8:52 AM