PRX Prosus NV

By Ian Walker

Prosus NV (PRX.AE) on Friday reported a 9.1% fall in net profit for the first half of fiscal 2020 as it booked higher net gains on acquisitions and disposals a year earlier, and said its strong balance sheet will help the company unlock new opportunities.

The Amsterdam-listed company, which was spun out of Naspers Ltd. (NPN.JO) earlier this year, made a net profit for the half year ended Sept. 30 of $2.51 billion compared with $2.76 billion a year earlier.

Revenue for the period was $1.42 billion compared with $1.21 billion for the first half of fiscal 2019.

Prosus--which has a major stake in Tencent Holdings Ltd. (0700.HK)--said revenue including economic interests rose 12% to $9.9 billion.

It had cash of $5.4 billion at Sept. 30.

Prosus is 73.84% owned by Naspers.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 22, 2019 08:38 ET (13:38 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.