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South Africa's Pioneer Foods expects slower half-year
February 12, 2016 / 6:21 AM / 2 years ago

South Africa's Pioneer Foods expects slower half-year

JOHANNESBURG, Feb 12 (Reuters) - South Africa’s Pioneer Food Group Ltd on Friday flagged an 8 percent growth in turnover for the four months ended in January, as it battles higher food inflation from a severe drought in Africa’s most advanced economy.

Pioneer, which makes staple foods such as maize meal, pasta and juices, said it expected a muted first half in the current financial year, largely due to the drought and compared with a strong performance a year earlier.

“The maize industry has been particularly affected by the drought conditions, resulting in input costs rising 74 percent for the period, with a significant impact on Pioneer Foods’ volume,” the company said. (Reporting by Thekiso Anthony Lefifi; Editing by Anand Basu)

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