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UPDATE 1-Naspers FY headline EPS to drop on accounting charge

Thu Jun 18, 2009 8:52am EDT

Stocks

   

* Headline EPS seen down 15-25 pct

* Core headline EPS up 0-10 pct

* EPS up 55-65 pct on profit from sale of Greek unit

* Shares extend losses, down 3 pct

(Adds details)

JOHANNESBURG, June 18 (Reuters) - Africa's biggest media group Naspers Ltd (NPNJn.J) expects to report a 15-25 percent fall in annual headline earnings per share due to a higher accounting charge and said core profit would edge higher.

Shares in Naspers, which owns Africa's biggest pay-TV network DStv and has stakes in companies in China, Brazil, Russia and Europe, extended losses after Thursday's trading statement, falling 3.17 percent to 198.50 rand by 1241 GMT.

The company said earnings per share would jump by between 55 and 65 percent versus the 967 cents it made the previous year thanks mainly to a one-off profit from the sale of its pay-TV unit in Greece.

Headline EPS, the main profit gauge in South Africa which strips out certain one-off and non-trading items, was expected to drop due to a higher accounting charge related to recent acquisitions.

Naspers, which is also listed in London (NPNJq.L), also said core headline EPS, which it views as the best measure of its underlying performance, would rise by up to 10 percent versus the comparable 1,130 cents. (Reporting by Rebecca Harrison)



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