Sasol annual profit fell 39 pct on oil price decline
Tuesday, 15 Sep 2009
Bloomberg reported that Sasol Limited’s annual profit fell 39% after oil prices declined.
Johannesburg based Sasol said in a statement that net income fell to ZAR 13.6 billion in the 12 months through June from ZAR 22.4 billion per year earlier. Oil averaged USD 70.74 per barrel during the year, 27% lower than the average USD 96.89 per year earlier.
Sasol traded at ZAR 308 in Johannesburg on September 11th 2009 giving a 10% gain this year and a market value of ZAR 196.4 billion.
Sasol uses proprietary technology to make gasoline, diesel and chemicals from coal in South Africa. It also produces fuels at its newest plant in Qatar using natural gas tapped from the ocean floor. Sasol was started in 1950 to shield South Africa which has abundant coal reserves and little oil, from increases in the price of imported crude.
