Local media giant Naspers may have seen a 5% decline in its print media business, but its Internet business segment showed a growth in revenue of 24% to R9,2-billion.
In its provisional results released today, Naspers recorded a 5% increase in revenues to R28-billion for the past financial year. Operational profit climbed 10% to R5,4-billion, while core headline earnings grew 22% to R5,3-billion.
The company says its Internet segment, comprising mainly Allegro in Central Europe, Tencent in China and Mail.ru in Russia, continued to reflect growth, with revenues up 24%.
"In aggregate," Naspers' statement says, "the Internet segment recorded revenue up by 24% to R9,2-billion. Operational profit grew to R2,4-billion."
In China, Tencent performed ahead of expectations with revenue growth of 49%. The number of peak concurrent users now stands at around 105-million. Tencent`s contribution to core headline earnings increased by 76% to R2,1bn. The Allegro platform in Poland delivered solid growth. In local currency, the gross merchandising value transacted on the platform grew by 20%, generating revenue of 24% higher. New services were launched. "In India, ibibo, our joint venture with Tencent, is developing social gaming and e-commerce platforms," the comapny says.
In Russia, Mail.ru expanded its base to 81-million active e-mail users. This business contributed R70-million (2009: R87-million) to core headline earnings.
In Latin America, BuscaPe was added to the group in September 2009. This unit, it adds, is currently growing its core comparison shopping business and broadening its base with new services, including electronic payments, classified advertising and affiliate advertising networks.
Rounding out the Internet segment, Naspers says that in South Africa, 24.com grew its users by 34%.