Ron Burgundy Posted June 23, 2014 Share Posted June 23, 2014 By Helen Nyambura-Mwaura JOHANNESBURG (Reuters) - South African e-commerce and media firm Naspers NPNJn.J, the continent's biggest company by market value, posted a surprise 2 percent drop in full-year earnings on Monday after ratcheting up expansion spending, sending its shares lower. Naspers used 7.7 billion rand ($719 million) on development spend, a 79 percent jump from a year ago. "I am a little disappointed with the results," said Reuben Beelders, portfolio manager at Gryphon Asset Management. Naspers share price was down nearly 4 percent by 1307 GMT at 1,220 rand, but were up 11 percent so far this year. View the full article Quote Link to comment Share on other sites More sharing options...
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