Pioneer Foods H1 earnings up 26 pct on volume growth

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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)