REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsAMSTERDAM, Nov 29 (Reuters) - Prosus NV (PRX.AS), a large technology investor, said on Wednesday its core headline earnings increased 118% in the first half of 2024, citing improved profitability in its stable of e-commerce investments.
Core headline earnings for the half year ended on Sept. 30 were $2.0 billion, from $1.1 billion in the same period a year earlier, in line with a Nov. 20 trading statement.
Core headlines earnings is a nonstandard measure the company says best reflects its group operating performance.
It includes the massive stake Prosus owns in China's Tencent (0700.HK), which the company said has been sold down from 26.2% to 25% to fund a rolling share buyback program.
Prosus says share buybacks benefit shareholders because the Tencent stake, now worth $98 billion, is worth about 30% more than Prosus itself.
Dado Ruvic, Prosus, Tencent, Toby Sterling, Jacqueline Wong
REUTERS, Rights, Prosus, HK, Thomson