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Pioneer profits hit by BEE costs

Nov 26 2012 07:40 Reuters

Company Data

PIONEER FOOD GROUP LIMITED [JSE:PFG]

Last traded 0
Change 0,61
% Change 0
Cumulative volume 61007
Market cap 33.84bn

Last Updated: 19-12-2014 at 04:41. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Pioneer Food Group [JSE:PFG] posted a 17% drop in full-year earnings on Monday, hit by costs related to an empowerment transaction.

The group, which makes bread, breakfast cereal and juices, said headline earnings per share for the year to the end of September totaled 337 cents from 407c last year.

Headline earnings, the main profit gauge in South Africa, exclude certain one-off items.

Pioneer Foods 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 10% to R18.6bn.

The company's shares are down 3% so far this year, compared with an 18% rise in the broader All-share Index.

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