Subscribe & Follow

Advertise your job vacancies

Jobs

Customer Service (UK Company) Work from Home Work From Home
Finance Manager Cape Town
Assistant Store Manager Cape Town
Retail Store Manager Pretoria
Customer Service Team Manager - UK Market Work From Home
Marketing Coordinator Cape Town

Pioneer Foods first-half adjusted headline earnings drop 47% to R470m

23 May 2017

Pioneer Foods Group on Monday reported a 47% drop in first-half adjusted headline earnings to R470m as higher input costs knocked its domestic essential foods and grocery divisions.

forwimuwi73 via Pixabay

A raisin crop shortfall and a stronger rand hurt the group's international operation. Operating profit in the essential foods division dropped 49% to R331m in the six months to March as a result of high maize prices, though the company expects costs to ease going into the second half of the financial year.

The expected bumper harvest has already led to a significant decline in grain prices, with white maize for July delivery now fetching R1,792 a tonne, from more than R5,000 in the first half of 2016.

"The groceries performance was disappointing, beverages in particular. Cost push inflation into the summer season coupled to a cooler summer inland, impacted volumes and margins significantly," the company said in a statement.

Operating profit in the international segment dropped 73% to R69m as a result of lower volumes of beverage exports and a stronger rand.

But Pioneer, which owns White Star, among other brands, expects a better performance in the second half of the financial year because of increased raisin supply, and lower beverage and maize input costs.

The company kept the interim dividend per share steady from a year ago, at R1.05 per share.

Source: BDpro

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za