* H1 headline EPS up 81 pct to 23.50 rand
* See FY synfuels output at 7.0-7.2 mln T
(Adds details)
JOHANNESBURG, March 12 (Reuters) – South African
petrochemicals group Sasol on Monday reported a 81
percent rise in first-half profit, boosted by higher oil and
product prices and a weaker rand and said it was on track to
deliver higher earnings for the full year.
Sasol, the world’s top maker of motor fuel from coal, said
headline earnings per share for the six months to end-December
jumped 81 percent to 23.50 rand, at the bottom of a range of an
80-90 percent increase given in early February.
Headline EPS are the main profit gauge in South Africa and
exclude certain one-time items.
“We have maintained a resilient production performance
despite challenges,” Chief Executive David Constable said in a
statement.
The average crude oil price was at $111.41 a barrel at
end-December, compared with $81.68 a year earlier. The
rand/dollar exchange rate was 7 percent weaker than the previous
period.
A stronger rand is a negative for South African exporters as
it eats into profits when overseas earnings are brought home.
The currency has weakened 14 percent against the dollar
since the start of 2011.
“Our resilient operations will enable us to benefit from the
favourable rand commodity prices and therefore we are
well-positioned to deliver increased earnings for the 2012
financial year,” it said.
Continued…
