Prosus H1 Profit Down, Revenues Rise; Closes Acquisition Of Remaining 33.3% Stake In IFood

Prosus N.V. (PROSY, PROSF), a Dutch technology investment group, reported Wednesday that its first-half profit attributable to equity holders of the group declined to $2.54 billion from last year’s $15.89 billion.

Earnings per ordinary share were 179 US cents, down from 1002 US cents a year ago. Earnings per ordinary share from continuing operations were 165 US cents, compared to 996 US cents last year.

Headline earnings per ordinary share were 11 US cents, compared to 144 US cents a year ago.

On a continuing operations basis, headline loss per ordinary share was 3 US cents, compared to profit of 138 US cents a year earlier.

Group trading profit declined 49 percent to $1.4 billion, mainly reflecting Tencent’s 26 percent lower contribution to the group’s trading profit and losses in consolidated ecommerce business.

Group revenue, measured on an economic-interest basis, grew 1 percent to $16.5 billion, driven mainly by a 35 percent increase in Ecommerce revenues.

On a consolidated basis, total revenue increased 18 percent to $3.24 billion from $2.75 billion in the prior period.

Separately, Prosus said it has closed the acquisition of remaining 33.3 percent stake in iFood Holdings B.V. and IF-JE Holdings B.V. from minority shareholder Just Eat Holding Limited for 1.5 billion euros in cash.

It was in August that Prosus group entered into an agreement to acquire the remaining stake. Closing of the transaction was subject to approval by the Just Eat shareholders .

The deal prise also includes a contingent consideration of up to a maximum of 300 million in cash .

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