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.