Pioneer Foods said its normalized net income for the fiscal first half ended March 31 amounted to 2.97 rand per share, compared with the S&P Capital IQ consensus estimate of 4.22 rand per share.

EPS climbed year over year from 2.89 rand.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 589.9 million rand, a gain of 7.1% from 550.6 million rand in the prior-year period.

Total revenue increased 7.7% on an annual basis to 9.45 billion rand from 8.78 billion rand, and total operating expenses climbed 7.8% on an annual basis to 8.49 billion rand from 7.87 billion rand.

Reported net income declined 9.8% from the prior-year period to 580.1 million rand, or 2.92 rand per share, from 643.2 million rand, or 3.37 rand per share.

As of May 18, US$1 was equivalent to 11.85 rand.