S Africa’s Sasol chems cluster full-year operating profit falls 25%

10 September 2012 10:19  [Source: ICIS news]

SINGAPORE (ICIS)--Sasol’s chemicals business posted a 25% year-on-year decline in its operating profit for the full-year ending 30 June 2012 at rand (R) 6.50bn ($794m), the South Africa-based energy and petrochemical major said on Monday.

Operating profit from Sasol's polymers business more than halved to R716m from R1.58bn in the previous year, while its solvents segment reported a 15.2% year-on-year fall in profit at R1.40bn. Its olefins & surfactants business unit registered a 23% year-on-year decline in its operating profit at R3.19bn, the company said.

In the group's polymers segment, an 84% capacity utilisation was achieved in the year ended 30 June, it added.

Sasol said that its solvents business experienced lower sales volumes and a challenging trading environment during the period, while its surfactants & olefins segment generated steady gross margins despite lower volumes sold.

The company’s overall full-year net profit increased by 19% year on year to R23.6bn, while operating profit rose 23% to R36.8bn, boosted by a 17% increase in average crude oil prices, it said.

($1 = R8.18)

By: Pearl Bantillo
+65 6780 4359

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