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Sasol -- trading statement
When Sasol announced its results in September 2005 for the financial year ended 30 June 2005, the company commented: "International oil and commodity chemical markets and prices are unstable and so forecasting these with confidence is not possible. Nevertheless, assuming no major disruptions in world currency and energy markets, we anticipate satisfactory growth in earnings in the year ahead."
During the intervening months, international oil prices have been nearly 25% higher than anticipated, the Rand: US Dollar exchange rate has been weaker than expected and pleasing plant efficiencies and operating rates have generally been achieved. As a result, Sasol's financial results for the six months ending 31 December 2005 are forecast to be better than anticipated when the previous public announcement was made.
Although it is premature to comment on attributable earnings for the six months ending 31 December 2005, headline earnings are expected to be between 65% and 75% higher than those of the comparable previous reporting period (i.e. six months ended 31 December 2004). It is important to note, however, that based on an expectation that international oil prices will be lower in the second half of the financial year and that commodity chemical prices and margins will also weaken, earnings growth for the full financial year is expected to be more in line with the profit outlook given in September 2005.
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Commission drops support for Sasol merger
Business Day noted on 10 November 05 that the Competition Commission no longer supported the Sasol and Engen merger citing that it did not assess the horizontal effects of the deal thoroughly.
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Sasol revises annual general meeting date
The annual general meeting of members of Sasol will be held at 09:00 on 2 December 2005 and not on 29 November 2005 as indicated on page 18 of the annual financial statements.
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BP says Sasol should be profitable at USD10/barrel
Business Day noted that BP has suggested (in a report submitted to the Competition Tribunal) that Sasol's fuel-from-coal operations would be profitable even if the oil price dropped to USD10/barrel, slightly below the oil price of around five years ago. While Sasol's revenue is linked to global oil prices, the company does not use oil in the fuel-from-coal operation. BP, Shell, Chevron and Total have opposed the proposed Sasol Oil/Engen merger to form Uhambo Oil.
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Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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