Upbeat Sasol expects bigger profit

Johannesburg - Petrochemicals giant Sasol [JSE:SOL] said on Wednesday that headline earnings per share (HEPS) for the year ended June 2010 are expected to increase by 0% to 8%, and earnings per share (EPS) are expected to increase by 12% to 20% compared to the previous financial year.

In a voluntary trading statement, Sasol noted an overall improvement in market conditions, higher production volumes and cost containment have benefited earnings for the financial year ended June 2010.

It added the difference between HEPS and EPS is attributable to the impact of re-measurement items relating to the Escravos Gas-to-Liquids facility project in Nigeria and other impairments which were included in the prior financial year.

Sasol also noted the impact of significant once off items included in the prior financial year as reflected in the 2009 annual financial statements.

The group remains strongly cash generative and maintains a healthy balance sheet, it said.

Sasol's results for the year ended June 2010 will be announced on Monday September 13.

- I-Net Bridge