Pioneer Foods Upbeat about Earnings; Stock Firm

Pioneer Foods Upbeat about Earnings; Stock Firm

Food processing major Pioneer Foods has announced that the company is expecting to register a strong set of half yearly numbers. The company has managed to cut costs and this would result in better quarterly data.

Pioneer Foods official statement said that the company is expecting 110 percent rise in half year earnings. The company registered better sales in international market. The decline in Rand will also help the profit in local currency.

The stock was trading strong in Johannesburg market. Pioneer shares closed at R90 with gain of more than 7 percent. The company has registered decent growth in bread and pasta sales.

Pioneer has major stake in the pasta market. The brand Puccini has registered stable growth over past few years in the local market.

Bokomo Foods is the largest cereal producer in the country. Pioneer has also improved the international sales of Ceres brand of juices and beverages. Ceres owns nearly 50 percent market share in South Africa.

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