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Maize shortages cuts Pioneer Foods earnings, shares

The company’s profitability experienced pressure from product pricing, input costs.

Pioneer Foods released its interim results, revealing that for the six months ended March 2019, the company’s total revenue grew by 11.5% to just over R11-billion. When their recently acquired assets Wellingtons and Lizi’s are excluded, revenue from operations grew by 7.9%.  The group indicates that they were hit by some cost pressures this time around, reporting operating profit down 23% at R729-million. The company’s shares also took a nosedive following the results, falling by as much as 11%.

To discuss how the ongoing drought, maize shortages and the ‘fiercely’ competitive environment has affected the company’s bottom line, as well as the cost-cutting measures it has put into place, Nompu Siziba speaks Tertius Carstens, CEO of Pioneer Food Group.

Read more: Pioneer Foods hammered after H1 earnings drop 

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