By Anthony O. Goriainoff

Prosus NV said Wednesday that it expects earnings per share to fall in fiscal 2023 due to reduced contributions from associates, and Chinese tech giant Tencent in particular.

The Dutch investment group said it expects to report a fall in core headline earnings per share from continuing operations in the 28% to 21% range, or 68 cents to 50 cents, due to lower contributions from equity-accounted investments of around $4.1 billion. Tencent--the group's largest equity-accounted associate--was affected by Covid-19 lockdowns and regulations in China, it added.

The company added that Tencent has since reported first-quarter numbers for fiscal 2024 which delivered earnings growth, as it benefited from China's reopening as well as a stable regulatory environment and cost reductions.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

June 14, 2023 03:12 ET (07:12 GMT)

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