Pioneer Foods expects higher profits

Comment on this story

Johannesburg - South African food manufacturer Pioneer Foods said it expected half year earnings to rise by as much as 110 percent as it benefited from cost cutting measures, among others.

Shares of the bread and pasta maker gained on Friday after it said it had recorded higher sales in international markets while a weaker rand also provided a boost.

Headline earnings per share would climb between 95 percent and 110 percent for the six months to March 2014, Pioneer said in a trading update.

In October, the company slashed jobs in a restructuring process to reduce costs in the face of constrained consumer spending.

Pioneer shares jumped 7.22 percent to 90 rand at 11:16 SA time on Friday. - Reuters

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines