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Sasol issues further cautionary announcement
Further to the announcement by Sasol and Petroliam Nasional Berhad (`Petronas`) of Malaysia (hereinafter jointly referred to as `the parties`) on 19 February 2004 concerning the proposed merger of their respective interests in Sasol`s Liquid Fuels Business and Engen in a joint venture to create a leading South African liquid fuels business, Sasol shareholders are advised that the parties are still involved in negotiations which, if successfully concluded, may have a material effect on the price of Sasol`s securities. Shareholders are accordingly advised to continue exercising caution when dealing in Sasol securities until a full announcement is made.
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Sasol issues trading update and cautionary
When Sasol released its consolidated interim financial results for the six months ended 31 December 2003 on 8 March 2004 it advised in its profit outlook that `the prevailing volatility of the rand continues to make forecasting difficult. While relatively high oil prices are expected to continue and certain international chemical prices have strengthened, it remains likely that earnings for the full financial year will be substantially lower than the previous year. It is anticipated, however, that earnings in the second half-year will be better than the first six months`. While less volatile, the rand has been stronger than expected during the second six months of the financial year. However, the adverse effect of the strong rand was more than offset by the benefit of higher international oil prices, an improvement in the performance of the chemical businesses and reduced costs. Accordingly, shareholders are advised that the result of the second half year ending 30 June 2004 is expected to be substantially better than the first six months of the financial year. As a result, the result for the year ended 30 June 2004, is now forecast to be materially, as opposed to substantially, lower than the comparable result of the previous financial year.
The financial information on which this trading statement is based has not been reviewed or reported on by the group`s auditors. Shareholders are accordingly advised to exercise caution when dealing in Sasol securities until the publication of its financial results for the year ended 30 June 2004 during early September 2004.
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