SA's Pioneer Foods flags higher H1 profit

Adjusted headline earnings per share is expected to increase to between 309.1 cents and 334.5 cents from 253.4 cents.

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JOHANNESBURG - South Africa’s Pioneer Foods Group said on Thursday it expects half-year operating profit and headline earnings to increase by up to 44% and 32% respectively.

Pioneer, which sells food, beverages and related products, said it expects operating profit for the six months ended 31 March of between R922 million and R991 million versus 688 million a year earlier.

Adjusted headline earnings per share is expected to increase to between 309.1 cents and 334.5 cents from 253.4 cents.

The group, with brands that include Bokomo Weet-Bix cereal and Liqui Fruit long-life juice, said sales volumes in the period were 4.3% higher while group turnover fell by 2.8% to R9.9 billion, largely due to sales price deflation in soft commodities.