Sasol forecasts profit increase

Petrochemical giant Sasol (SOL) said on Wednesday it expected its headline earnings per share in the year ended June 2012 to rise between 20% and 30%‚ from the previous comparable period.

The company’s profitability was boosted by a “solid” production performance as well as a 17% increase in the average Brent crude oil price‚ and an 11% weakening of the rand/US dollar exchange rate.

Sasol added‚ however‚ that the positive factors had been partially offset by an impairment of R964m and depreciation of R1.324bn in respect of its Canadian shale gas assets.

Earnings per share are expected to increase by between 14% and 24%‚ compared with the same time a year ago. - I-Net Bridge