Expansion weighs on S.Africa's Naspers earnings,shares fall

By Helen Nyambura-Mwaura JOHANNESBURG (Reuters) - South African e-commerce and media firm Naspers NPNJn.J, the continent's biggest company by market value, posted a surprise 2 percent drop in full-year earnings on Monday after ratcheting up expansion spending, sending its shares lower. Naspers used 7.7 billion rand ($719 million) on development spend, a 79 percent jump from a year ago. "I am a little disappointed with the results," said Reuben Beelders, portfolio manager at Gryphon Asset Management. Naspers share price was down nearly 4 percent by 1307 GMT at 1,220 rand, but were up 11 percent so far this year.



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