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Pioneer Foods reports 6% rise in half-year profit

Cape Town - Pioneer Food Group reported a 6% rise in half-year profit on Monday as a severe drought hurt its domestic operations.

Pioneer, which makes foods such as maize meal, pasta and juices, said headline earnings per share rose to 479 cents in the six months to end-March from 451 cents a year earlier.

"The trading environment deteriorated given mounting concerns over the consumer amidst rising interest rates and significant inflation resulting from a weaker rand, exacerbated by the severe drought," the company said in a statement.

It added that the drought led to a decrease in maize volumes.

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