JOHANNESBURG, June 12 (Reuters) - South African conglomerate Naspers said on Wednesday that it expects earnings from continuing operations for the year that ended in March to surge by up to 124%, boosted by investment gains reported by China’s Tencent.
Naspers has a stake of just over 30% in Tencent, China’s biggest gaming and social media group.
The South African group said in a statement that it expects headline earnings per share (HEPS), the main profit measure in South Africa, to rise by between 121% and 124% for the year that ended March 31, 2019.
Core HEPS from continuing operations, which the board considers an appropriate indicator of operating performance, is expected to rise by between 24% and 26%, it said. It did not give a reason for the rise.
During the financial year that ended in March, Naspers spun out and separately listed its African pay-TV monopoly Multichoice. The results of that business will therefore be presented as results from discontinued operations, it said.
Naspers is due to report full year earnings on June 21.
Reporting by Nqobile Dludla; Editing by Susan Fenton