Pioneer Foods says expects higher earnings, shares rise

Reuters

JOHANNESBURG (Reuters) - South African food manufacturer Pioneer Foods said it expected half year earnings to rise by as much as 110 percent as it benefitted from cost cutting measures, among others.

Shares of the bread and pasta maker gained on Friday after it said it had recorded higher sales in international markets while a weaker rand also provided a boost.

Headline earnings per share would climb between 95 percent and 110 percent for the six months to March 2014, Pioneer said in a trading update.

In October, the company slashed jobs in a restructuring process to reduce costs in the face of constrained consumer spending.

Pioneer shares jumped 7.22 percent to 90 rand at 0916 GMT on Friday.

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