Naspers group has released its annual results for the year ended 31 March 2013. Revenue growth came in at 27% to reach R50bn (from R39,48bn)- mostly thanks to growth in the internet division and revenues from its internet units exceeded that of pay television. The depreciation of the rand also had a positive impact on revenue. Trading profits for the year were flat at R5,7bn as development spend accelerated to R4,3bn.
Equity-accounted associates, Chinna based Tencent and Russia based Mail.ru both reported positive growth and contributed R7,3bn to core headline earnings. Internet revenues expanded 80% to R34,6bn. Trading profits from the internet segment were 44% higher at R6,2bn. Ecommerce revenues doubled to R11,4bn.
PayTV grew revenue 20% to R30,3bn. Its net subscriber base grew by 1,1m members and now reaches 6,7m households across 48 countries in Africa. Trading profits grew 18% to R7,6bn.
In print revenue were flat. In South Africa Media24’s trading profits were marginally up as costs were cut. In Brazil, Abril suffered a decline in profitability. The group announced an impairment of equity-accounted investments amounting to R2,1bn and relating mainly to Abril.
The group will focus on expanding its ecommerce businesses across emerging markets and building out its pay-television subscriber base across the African continent.