Pioneer pleased with results
2009-05-28
THE interim financial results of Pioneer Foods for the six months ended 31 March, which is described as satisfactory, was announched this week. Their revenue increased with 20% up to R8,4 billion and their operating profit, before items of a capital nature, increased with 39% to R549 million. Their headline earnings per ordinary share was 18% up to 170 cents and the interim dividend per ordinary share up with 20% to 36 cents per share. MD André Hanekom commented that they were pleased with their results overall, though they recognise their growth is off a relatively low base. “We had satisfactory revenue growth, largely from price increases up to October last year, when the prices of grain based products peaked. Sales volumes were largely sustained, with maize meal growing particularly strongly. “There has been selling price decreases towards the end of the reporting period in wheaten flour, maize meal, pasta and wheat based cereals, which should support consumer demand. “We expect to maintain our margin as food inflation moderates and the food price environment stabilises,” he said.
More
News
|
