Johannesburg - Petrochemicals group Sasol [JSE:SOL] expected sharply higher earnings for
the six months to the end of December on higher oil prices, a weaker rand and
improved operational performances, it said on Wednesday.
“Sasol’s earnings per share and headline earnings per share for the
six months ending 31 December 2011 are estimated to increase by at least 45% compared to the prior comparable period,” the group said in a statement.
Trends like a weaker rand will help lift its export earnings which
are made in foreign currency while higher oil prices flow to the bottom line of
its fuels division.
But the group stressed that changes in oil prices and exchange
rates could lead to revisions in estimated earnings.
The company said Sasol Synfuels’ production volume guidance for the
2012 financial year had been revised down slightly to a range of between 7.0
million tons and 7.2 million ton.
Sasol said this took “into account the cumulative effect of three
unforeseen incidents that have impacted production for the year to date.”
The incidents include a 3-week industrial action which took place
in July and a gasifier problem at the Secunda West plant in August.
The group also said it had experienced an incident on a coal
conveyor system which disrupted coal supply to its Secunda East plant. The
system is being repaired.