Sasol Lowers 2009 Profits Outlook on Poor Market Conditions
21 January 2009 16:23 [Source: ICIS news]
LONDON (ICIS news)--Sasol on Wednesday revised its financial year 2009 earnings outlook and said it was reviewing its capital expenditure plan in light of deteriorating economic conditions, the South African oil and petrochemicals group said.
The group revised its outlook for the financial year ending 30 June 2009 from the “robust growth forecast” seen in September, to “a moderate reduction in earnings compared to the prior year”.
Sasol said it was also reviewing its planned capital expenditure of rand (R) 16bn ($1.6bn) for the three years 2009-2011 in light of the changed market conditions.
“Market conditions have deteriorated in recent months due to the global economic downturn, with lower than expected crude oil and product prices as well as lower product demand,” said Sasol in a statement, adding that it would be partially mitigated by the weakened rand.
Sasol expected earnings per share (EPS) for the first half of its financial year, ended 30 December, to increase 55-65% compared with the same period a year earlier, it added.
Increased profitability was expected to be driven by the weakening of the rand against the dollar and increased prices for crude oil and derivatives.
Sasol said product volumes were also higher during the period due to additional capacity and improved operations.
source: www.ICIS.com
LONDON (ICIS news)--Sasol on Wednesday revised its financial year 2009 earnings outlook and said it was reviewing its capital expenditure plan in light of deteriorating economic conditions, the South African oil and petrochemicals group said.
The group revised its outlook for the financial year ending 30 June 2009 from the “robust growth forecast” seen in September, to “a moderate reduction in earnings compared to the prior year”.
Sasol said it was also reviewing its planned capital expenditure of rand (R) 16bn ($1.6bn) for the three years 2009-2011 in light of the changed market conditions.
“Market conditions have deteriorated in recent months due to the global economic downturn, with lower than expected crude oil and product prices as well as lower product demand,” said Sasol in a statement, adding that it would be partially mitigated by the weakened rand.
Sasol expected earnings per share (EPS) for the first half of its financial year, ended 30 December, to increase 55-65% compared with the same period a year earlier, it added.
Increased profitability was expected to be driven by the weakening of the rand against the dollar and increased prices for crude oil and derivatives.
Sasol said product volumes were also higher during the period due to additional capacity and improved operations.
source: www.ICIS.com
