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THE SMART NEWS SOURCE | Feb 10 2012 23:07 | LAST UPDATED Feb 10 2012 23:07 |
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Petrochemicals group Sasol on Monday reported a 33% drop in full-year headline earnings and said it expects earnings for the 2010 financial year to fall year-on-year. The world's top maker of motor fuel from coal said headline earnings per share for the year to end-June fell 33% to R25,42, hit by lower oil and product prices and a stronger rand to the dollar. The result came at the lower end of its own forecast of a fall between 32% and 37%. "While there has been some recovery in the markets of late, the crude oil price and rand/US dollar exchange rate remains volatile," it said in a statement. Sasol said the average oil price achieved during the year was cushioned by the effect of its oil hedge which resulted in a realised gain of R5,056-billion. "Taking into account the overall market conditions and our assumptions in respect of crude oil and product prices ... the earnings for the 2010 financial year are expected to reflect a reduction compared to the 2009 financial year." Sasol said it had reprioritised capital expenditure for the next two years to about R15-billion per annum. The company declared a final cash dividend of R6 per ordinary share. Headline EPS strips out certain one-off, financial and non-trading items. - Reuters  CONTINUES BELOW TOPICS IN THIS ARTICLE
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