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Pioneer profits hit by BEE costs

Nov 26 2012 07:40 Reuters

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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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