South Africa's Pioneer Food Group reported a 6 percent rise in half-year profit on Monday as a severe drought hurt its domestic operations.
South Africa's company reports 6 pct rise in half-year profit
Headline EPS is the main profit measure in South Africa and strips out certain one-off items.
South Africa's Pioneer Foods reports 6 pct rise in half-year profit
Pioneer, which makes foods such as maize meal, pasta and juices, said headline earnings per share rose to 479 cents in the six months to end-March from 451 cents a year earlier.
"The trading environment deteriorated given mounting concerns over the South African consumer amidst rising interest rates and significant inflation resulting from a weaker rand, exacerbated by the severe drought," the company said in a statement.
It added that the drought led to a decrease in maize volumes.
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