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NASIONALE PERS BEPERK

Release Date: 27/02/1998 09:53
Code(s): NPN
Wrap Text
PROFIT WARNING

NASPERS ADVISES SHAREHOLDERS THAT ITS PROFITS FOR THE CURRENT FINANCIAL YEAR TO 31 MARCH 1998 WILL BE AFFECTED SIGNIFICANTLY BY THE CRISIS IN EDUCATION. IT ITS NOT YET POSSIBLE TO QUANTIFY THIS EFFECT. ORDERS FOR SCHOOL BOOKS MAY STILL BE PLACED UP TO THE END OF MARCH. INDICATIONS ARE, HOWEVER, THAT MOST PROVINCIAL EDUCATION DEPARTMENTS SIMPLY DO NOT HAVE THE FUNDS TO ORDER ANY HANDBOOKS AT ALL. BOTH THE NEWSPAPER AND MAGAZINE DIVISIONS HAVE PERFORMED WELL, BUT THIS WILL NOT COMPENSATE SUFFICIENTLY FOR THE LOSSES OF THE EDUCATIONAL PUBLISHING UNITS.
AN ESTIMATE OF THE AGGREGATE EFFECT OF THESE DEVELOPMENTS ON NASPERS' PROFIT FOR THE YEAR WILL BE ISSUED AS SOON AS A MORE ACCURATE ASSESSMENT IS POSSIBLE, WHICH IS EXPECTED TO BE AROUND THE END OF APRIL. CAPE TOWN 27 FEBRUARY 1998

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