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South Africa's Pioneer Foods H1 earnings up 26 pct on volume growth

JOHANNESBURG, May 21 (Reuters) - South Africa's Pioneer Foods Group reported a 26 percent rise in half-year earnings on Monday while operating profit jumped 36 percent on volume growth and improved maize procurement.

Pioneer, which uses maize in many of its food products, said adjusted headline earnings per share rose to 320 cents from 253.4 cents.

HEPS are adjusted for the impact of the share-based payment charge of the firm's black empowerment transaction, related hedge and for one-off merger and acquisition costs.

Adjusted operating profit jumped 36 percent to 949 million rand.

Group turnover, however, marginally decreased by 3 percent to 9.9 billion rand ($775.08 million), largely due to price deflation in soft commodities, chiefly in maize and to a lesser extent, wheat and rice, it said in a statement. ($1 = 12.7728 rand) (Reporting by Nqobile Dludla, editing by Louise Heavens)

2018-05-21 08:29:49

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