Sasko helps Pioneer to rise
2009-05-07
PIONEER FOODS expects improved results for the past six months, which ended on 31 March, due to be announced on 25 May. A spokesperson said that the preliminary headline earnings were between 13% and 19% higher. The Sasko business was a prime contributor to the shareprice increase. In addition, the comparative period was negatively affected by the delayed recovery of increased raw material costs as well as the once off commissioning costs to upgrade baking facilities, which are now contributing improved sales revenue, the spokesperson added. Indications are that food inflation will moderate towards the end of the year, though upward cost pressures are persisting. A more stable food pricing environment should contribute to an improved performance for the full year.
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