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Naspers H1 profit jumps, Tencent robust

South African media and e-commerce giant Naspers reported a 39% jump in half-year profit on Friday, thanks to a strong performance in its investment in China's Tencent.

Nascers, which owns about a third of Tencent, said core core earnings came in at $ 1.7 billion, or 385 cents per share, in the six months ended September compared to $ 1.2 billion, or 277 cents per share, a year earlier.

Core headline EPS is Naspers' main profit measure that strips out non-operational and one-off items.

Tencent's contribution to core headline EPS of $ 1.8 billion helped offset weakness at the company's other businesses that include e-commerce platforms MakeMyTrip and Delivery Hero.

Founded more than 100 years ago in Stellenbosch, South Africa, Naspers has transformed itself from a newspaper publisher into a $ 87 billion empire, but it owes all of that valuation to its one-third stake in Tencent.

The stake has become not only a moneyspinner for the group but also a headache as it dwarfs Naspers' own market capitalization by 40%.

Share in Naspers rose 1.1% to R2 280 rand as of 13:48 GMT.

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