November 20, 2017 / 6:58 AM / a year ago

South Africa's Pioneer Food FY profit halves following drought

JOHANNESBURG, Nov 20 (Reuters) - South Africa’s Pioneer Food Group reported a 49 percent drop in full-year profit due to high maize prices during the first part of the year following a severe drought.

Diluted and adjusted headline earnings per share fell to 415 cents per share for the year ended Sept. 30, from 820 cents in the same period last year.

Pioneer, which manufactures essential food products including maize, said its earnings were impacted by the constrained trading conditions and an unfavourable procurement position for the staple crop until May 2017 following the drought. (Reporting by Tanisha Heiberg; Editing by Amrutha Gayathri)

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