News wire — Sasol Ltd will report a full-year loss after writing down 55.1 billion rand ($3 billion) in the carrying value of its chemicals and fuel assets, mainly because of weaker prices, the company said on Monday.
The petrochemicals company said it will report a basic loss per share of between 68.82 rand and 71.48 rand for the year to June 30, compared with basic earnings per share of 14 rand the year before.
Impairments of 45.5 billion rand would be recognised at Sasol’s American chemicals business, the company said, with a further writedown of 3.9 billion at the African chemical segment.
Sasol, which produces chemicals and synthetic fuels from coal, will also recognise 5.7 billion rand of impairments at its Secunda refinery in South Africa.
Its headline earnings per share (HEPS), a profit measure commonly used in South Africa which strips out one-off items, are expected to decline by as much as 77% to between 12.28 rand and 21.95 rand.
Sasol will publish its financial results on Aug. 20.
($1 = 18.2530 rand)
Reporting by Nelson Banya; Editing by David Holmes – Reuters
