We’re currently experiencing serious technical problems on the site, and as a result are unable to update the news – even though our market data is running as per normal. We sincerely apologise for any inconvenience caused and hope to be up and running again this evening. Thank you for your patience in this regard.
– David McKay (editor) & team
Pioneer profits hit by BEE costs
Nov 26 2012 07:40
Reuters
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.
Struggling power utility Eskom will take centre stage at this year's
mini budget
Related links:
Voting Booth
What do you think about private healthcare in SA?
NHI can't come fast enough
8%
72
votes
8
|
I don't use private healthcare
5%
41
votes
5
|
I am happy with my provider(s)
51%
444
votes
51
|
Let's hope the Health Market Inquiry leads to reforms
36%
309
votes
36
|
Previous results · Suggest a vote