Johannesburg, May 25 - South Africa's Pioneer Food Group reported an 18 percent rise in half-year headline earnings per share (EPS) on Monday, buoyed by higher food prices.
The firm, which produces Sasko bread, Weetbix breakfast cereal and Liquifruit juices, said headline EPS for the half year to end-March stood at 170 cents, in line with expectations.
Revenue rose 20 percent to 8.4 billion rand and the group declared an interim dividend of 36 cents.
"We are pleased with our results overall, though we recognise our growth is off a relatively low base," Managing Director Andre Hanekom said.
"We had satisfactory revenue growth, largely from price increases up to October last year, when the prices of grain based products peaked."
Pioneer, which debuted on the JSE last April, said it expected improved performance for the full year despite higher anticipated cost pressures.
It said growth would depend on increases in sales volume for its bread, maize meal and wheat products.