Sasol expects 45% higher first half fiscal 2012 earnings

23 November 2011 16:43  [Source: ICIS news]

LONDON (ICIS)--Coal to oil and chemicals producer Sasol estimates that earnings per share in the first half of its 2012 financial year, which ends on 31 December 2011, will be 45% higher than the year earlier comparable period, it said on Wednesday.

South Africa’s Sasol said profitability in the 2012 year to date “has been enhanced by improved operational performance in certain businesses, the considerable improvement in oil and commodity prices and a weaker rand compared to the prior comparable period.”

The company made no other financial projections but said it was required to inform the market of the expected profits increase under the terms of its Johannesburg Stock Exchange (JSE) listing requirements.

The comparison is made against the first half 2011 performance and not the stronger second half fiscal 2011 results. It also takes into account lower synfuels production in the current reporting period which, it said, is expected to range between 7.0m and 7.2m tonnes.

Earnings per share for the first half of 2011, which ended on 31 December 2010, were rand (R) 12.97, and for the full year, which ended on 30 June 2011, R33.85.

Synfuels production from coal in South Africa has been hit by three weeks of industrial action in July 2011; a gasifier incident at the Secunda West plant in South Africa in August; and more recent problems with a coal conveyor which have interrupted coal supply to the Secunda East plant.

The coal conveyor system is in the process of being repaired, Sasol said.

Sasol’s CFO will review operations and the progress being made on capital projects in an update on 30 November 2011 to be posted on the company’s website.

Sasol’s financial results for the first six months of the 2012 fiscal year, ending 30 December 2011, will be posted on 12 March 2012.

For more on Sasol visit ICIS company intelligence

By: Nigel Davis
+44 20 8652 3214

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