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Johannesburg - Petrochemicals group Sasol [JSE:SOL], the world's top producer of motor fuel from coal, on Monday reported an expected modest rise in first-half earnings and maintained its forecast for a solid full-year performance.
Sasol said headline earnings per share for the six months to the end of December rose 2% to R24.01, in line with its own forecast for an increase of between zero and 5%.
Its earnings benefited from an improved performance at its operations, higher sales and an 11% weaker rand/dollar exchange rate. The boost was largely offset by a weaker oil price and depressed chemical prices.
A weaker rand is positive for South African exporters as it lifts profits when overseas earnings are brought home.
Output of synthetic fuels from July to December rose 10%. Sasol kept its full-year production forecast for synthetic fuels at 7.2-7.4 million tonnes.
"We expect an overall solid production performance for the 2013 financial year," it said in a statement. "We remain on track to deliver on our expectations for improved operational performance."
The company declared an interim dividend of R5.70 a share.
The stock is up 11% so far this year, above a 4% rise in the JSE Top 40 (Tradeable) [JSE:J200] blue-chip index.
