Sasol to Report Full-Year Loss on $3 Billion of Impairments
(Bloomberg) -- Sasol Ltd. said it would report a loss for the full year after the fuels company booked 55.1 billion-rand ($3 billion) of impairments after tax.
The basic loss per share for the year to June 30 will be in a range of 68.82 rand to 71.48 rand compared with profit of 14 rand a year earlier, the Johannesburg-based company said in a statement Monday.
Sasol wrote down the value of its Chemicals America ethane value-chain cash-generating unit by 45.5 billion rand net of tax primarily due to external conditions “including prolonged softer market pricing and outlook.”
The impairment on its polyethylene, chlor-alkali and polyvinyl chloride and wax value chain in the Africa chemicals business was 3.9 billion rand net of tax, while the Secunda liquid-fuels refinery in South Africa took a 5.7 billion-rand writedown.
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