Sasol (SSL) Guides FY09 EPS Down 40-50%
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Sasol (NYSE: SSL) sees FY09 EPS down by 40-50% from last year.
The expected decrease in earnings is mainly due to the lower crude oil and chemical prices referred to above, together with a considerable reduction in refining margins and a further deterioration in chemical markets. This earnings guidance includes the impact of the non-cash charges relating to the Sasol Inzalo BEE transaction and the administrative penalties paid to the European Commission and the South African Competition Commission.
Overall group production volumes are up mainly due to increased production volumes at the Oryx GTL plant and the additional production volumes at the Arya Sasol Polymers plant. The Synfuels operations in Secunda, South Africa, are expecting production volumes to be about 4% lower than last year.
The overall deterioration in market conditions will also result in negative stock effects, net realisable value stock write-downs and impairments.
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