JOHANNESBURG (Reuters) - South African Pioneer Food Group posted a 17 percent drop in full-year earnings on Monday, hit by costs related to an empowerment transaction.
The group, which makes bread, breakfast cereal and juices, said headline earnings per share for the year to the end of September totaled 337 cents from 407 cents last year.
Headline earnings, the main profit gauge in South Africa, exclude certain one-off items.
Pioneer Foods said the earnings were impacted by a charge of 161 million rand, relating to the implementation of the second phase of a broad based black economic empowerment transaction.
It said revenue rose 10 percent to 18.6 billion rand.
The company's shares are down 3 percent so far this year, compared with an 18 percent rise in the broader All-share Index.
Source: http://news.yahoo.com/pioneer-foods-earnings-hit-empowerment-costs-053431933--finance.html
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