Naspers' Core Profit Doubles, Driven by E-commerce Gains

$NASPERS LTD ADR (NPSNY.US)$ , a major Tencent shareholder, reported a 34% drop in net profit to $2.855 billion for the year ending March, with EPS at $15.32. Revenue rose 8% to $6.431 billion.

Annual core profit per share more than doubled to $11.48, boosted by its e-commerce business achieving profitability sooner than expected.

Naspers is reducing its 25% stake in Tencent to fund share buybacks and also invests in iFood, Delivery Hero, Swiggy, SkillSoft, Stack Overflow, and PayU.