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Web-based businesses over-valued?

29 Aug 2011

Many web-based businesses are over-valued and to find companies that offer good value is increasingly difficult according to Ton Vosloo, non-executive board chairman of Naspers.

Business Live quotes him as saying that the company will now focus on growing its businesses organically and on developing new technologies. He concedes that this could dampen earnings, as the cost of developing business is high but will stimulate long-term profits.

He told shareholders at the company's annual general meeting that consolidated revenues grew by 18% to R33-billion while core headline earnings reached R6-billion.

Business Live says that Vosloo believes the rapid growth of businesses such as Tencent in China allowed it to focus on user experiences and increase the usefulness of its core platforms.

Read the full story.
Read the full Naspers results.