Prosus flags expected earnings slump

AMSTERDAM (Reuters) – Prosus NV, a major investor in consumer internet companies, expects earnings for the six months to Sept. 20 to have dropped by at least 79.9% from the same period last year, it said in a trading statement on Monday.

The company’s businesses had strong sales growth in the period, it said, but earnings were hit by investment costs and lower contributions from companies in which it holds significant stakes, including China’s Tencent.

Prosus is controlled by South African group Naspers.

(Reporting by Toby Sterling; Editing by David Goodman)