Sasol: Earnings to rise as costs are trimmed

Published Nov 26, 2013

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Profit in the year to June would probably exceed attributable earnings of R26.3 billion the previous year, Sasol said yesterday. Higher product prices and a weaker rand would increase earnings, it said. Sasol plans to cut R3bn of annual spending over the next two to three years by trimming labour and other costs in its home market. The company’s petrochemical plant in Louisiana in the US, which may cost as much as $7bn (R70bn), was progressing according to plan, it said.

n Sasol chief executive David Constable’s total pay rose 68 percent due to his “outstanding” work and was in line with the company’s policy of paying non-South Africans in dollars, it said after some shareholders voted against its remuneration policy. “We recognise that executive remuneration is always going to spark heated debate,” Jacqui O’Sullivan, a spokeswoman, said yesterday. The shares inched up 0.08 percent to close at R504.29. – Bloomberg

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