Pioneer earnings rise on international performance
Value enhancement initiatives and a continued focus on cost reduction and efficiencies have boosted Pioneer Food’s earnings for the six months to March.
The JSE-listed group, which also credited its increased profitability to a strong international volume performance, aided by the rand weakness, expected earnings per share (EPS) to rise by between 80% and 95% and headline earnings per share (HEPS) to increase by between 95% and 110%.
However, taking into account the impact of the company’s Phase 1 black eocnomic-empowerment transaction and the treatment of Quantum Foods as a discontinued operation, Pioneer expected to deliver adjusted EPS and HEPS 38% to 52% higher than the previous corresponding period.
Pioneer would publish its interim financial results on May 19.
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