Naspers offshoot Prosus reports strong growth in e-commerce business

A logo of Prosus is diplayed at Amsterdam’s stock exchange building as Prosus begins trading on the Euronext stock exchange in Amsterdam, Netherlands, September 11, 2019. REUTERS/Piroschka van de Wouw

  • E-commerce business shrinks losses by almost a half
  • E-commerce portfolio 17% of the total company size
  • Profits still dominated by Chinese company Tencent
  • Prosus reports net profit of $7.45, driven by Tencent

AMSTERDAM, June 21 (Reuters) – Prosus NV (PRX.AS) said its e-commerce business grew revenues and shrank trading losses for the year that ended March 31, even as its overall profit continued to be dominated by its investment in Chinese tech giant Tencent Holdings (0700.HK).

Prosus and its parent Naspers (NPNJn.J) of South Africa have repeatedly battled questions from shareholders and analysts on the effect of Tencent, owner of China’s biggest messaging service WeChat, with some saying the company’s other businesses were too small to make any substantial…

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