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Johannesburg - Petrochemicals group Sasol on Monday reported a 33% drop in full-year headline earnings and said it expects earnings for the 2010 financial year to fall year-on-year.
The world's top maker of motor fuel from coal said headline earnings per share for the year to end-June fell 33% to R25.42, hit by lower oil and product prices and a stronger rand to the US dollar.
The result came at the lower end of its own forecast of a fall between 32% and 37%.
"While there has been some recovery in the markets of late, the crude oil price and rand/US dollar exchange rate remains volatile," it said in a statement.
Sasol said the average oil price achieved during the year was cushioned by the effect of its oil hedge which resulted in a realised gain of R5.056bn.
"Taking into account the overall market conditions and our assumptions in respect of crude oil and product prices... the earnings for the 2010 financial year are expected to reflect a reduction compared to the 2009 financial year."
Sasol said it had reprioritised capital expenditure for the next two years to about R15bn per annum.
The company declared a final cash dividend of R6 per ordinary share.
Headline EPS strips out certain one-off, financial and non-trading items.
- Reuters