Naspers weathers financial storm
By Julian Clover
June 30, 2009 09.54 UK
Naspers, the South African media and technology conglomerate whose interests include Multichoice and Irdeto, has reported a 30% increase in revenues. They reached R26.7 billion (€2.44 billion) for the year ending June 30, 2009.
In a statement, the company said its pay-TV businesses had proved resilient, an increase in investment being rewarded with higher subscriber numbers. However, it warned that its technology business Irdeto “was more impacted by the economy than our consumer-facing units”.
Pay-TV revenues grew by 29%, though subscriber acquisition costs ate into operating margins, before delivering 683,000 gross additions. In South Africa there were 453,000 gross additions, taking subscriber numbers to 2,401,000. The mid-price Compact bouquet proved the most popular, though advertising revenues fell back.
Subscriber numbers in sub-Saharan Africa, excluding South Africa, rose to 916,000, an increase of 230,000.
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