Pioneer Foods posts lower earnings as external factors weigh in

JSE-listed Pioneer Foods on Monday posted a 56% decrease in headline earnings, to R454-million for the six months ended March 31, owing to a “confluence of various inhibitors”, which contributed to a material decline in its profitability. The company noted that maize had been the most significant detractor during the interim period, as a result of an unfavourable procurement position taken in 2016 to protect supply for South Africa's leading maize brand.