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Pioneer earnings hit by BEE deal costs

May 21 2012 08:17 Reuters

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Johannesburg - Pioneer Food Group [JSE:PFG] posted a 44% drop in first-half earnings on Monday, hit by costs related to an empowerment transaction and soft consumer spending.

The group, which makes bread, breakfast cereal and juices, said diluted headline earnings per share for the six months to end-March totaled 129 cents from 231.4c a year earlier.

Pioneer Food said the earnings were impacted by a charge of R161m, relating to the implementation of the second phase of a broad based black economic empowerment transaction.

It said revenue rose 11% to R9bn. It declared an interim gross dividend of 44c per ordinary share from 40c last year.

Pioneer Food said it expected consumer spending to normalise in the medium term as the economy improves.

Pioneer Food shares have fallen 3.4% so far this year, compared with a 3.6% rise in Johannesburg’s All Share [JSE:J203] Index.

 
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