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South Africa's Pioneer Food annual earnings drop as export slows

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Reuters
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Pioneer Food Group reported a decline in earnings for the year and said it expects weak demand and muted consumer spending to continue due to a drop in volumes of export items such as fruit juice and groceries to the rest of Africa.

Nov 18 (Reuters) - Pioneer Food Group PFGJ.J reported a decline in earnings for the year and said it expects weak demand and muted consumer spending to continue due to a drop in volumes of export items such as fruit juice and groceries to the rest of Africa.

The company, which struck a deal in July to be bought by PepsiCo PEP.O, expects the deal to be finalised early in 2020.

Pioneer, whose brands include Weet-Bix cereal, Liqui Fruit juice and Sasko bread, said headline EPS for the year ended Sept. 30 fell 6% to 511 cents.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shailesh Kuber)

((Yadarisa.Shabong@thomsonreuters.com; within UK: +44 020 7542 1810 (extn. 9089); outside UK: +91 80 6749 9089;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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