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Pioneer Foods expects first-half headline earnings per share to drop 38%-55%

Pioneer Foods Group expects headline earnings per share in the six months to March to decline 38% to 55% from a year ago.

By Matthew Stevens

22 Feb 2017

forwimuwi73 via pixabay

In an updated trading update on Tuesday, the food producer blamed the drought, which inflated grain prices. This was compounded by a weaker rand.

The raisin crop shortfall, higher juice concentrate costs, volatile currencies and weak consumer demand in Africa hurt the company's international business, it said.

The owner of well-known brands such as White Star expects raw material costs to drop, thanks to a maize harvest that is expected to be materially higher in 2017 than that of 2016.

Source: BDpro

Source: I-Net Bridge

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