South Africa's Pioneer Foods reports 6 pct rise in half-year profit - CNBC Africa

South Africa's Pioneer Foods reports 6 pct rise in half-year profit

Southern Africa

by Reuters 0

Pioneer Food Group added that the drought led to a decrease in maize volumes. Photo: Wikimedia.

South Africa's Pioneer Food Group reported a 6 percent rise in half-year profit on Monday as a severe drought hurt its domestic operations.

Pioneer, which makes foods such as maize meal, pasta and juices, said headline earnings per share rose to 479 cents in the six months to end-March from 451 cents a year earlier.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

"The trading environment deteriorated given mounting concerns over the South African consumer amidst rising interest rates and significant inflation resulting from a weaker rand, exacerbated by the severe drought," the company said in a statement.

It added that the drought led to a decrease in maize volumes.

 

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