November 18, 2019 / 5:44 AM / a month ago

South Africa's Pioneer Food annual earnings drop as export slows

Nov 18 (Reuters) - Pioneer Food Group reported a decline in earnings for the year and said it expects weak demand and muted consumer spending to continue due to a drop in volumes of export items such as fruit juice and groceries to the rest of Africa.

The company, which struck a deal in July to be bought by PepsiCo, expects the deal to be finalised early in 2020.

Pioneer, whose brands include Weet-Bix cereal, Liqui Fruit juice and Sasko bread, said headline EPS for the year ended Sept. 30 fell 6% to 511 cents. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Shailesh Kuber)

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