Sasol 1st Half FY18 Net Profit Falls, Hit by One-Off Charges
By Adam Clark
Sasol Ltd. (SOL.JO) said Monday that its net profit declined in the first half of financial 2018 on the back of one-off items and impairments.
The South African energy-and-chemicals company said it made a net profit of $515 million in the six months to Dec. 31, down from $621 million in the same period in 2016.
Sasol's profit was hit by increased employee costs and a number of one-off items. These included a $83 million charge for the scrapping of its U.S. gas-to-liquids project, and a 2.80 billion-rand ($243 million) partial impairment of Canadian shale-gas assets.
Headline earnings per share rose 17% to ZAR17.67. The metric is the company's preferred profit measure, and strips out certain exceptional and one-off items. Revenue for the period rose to $6.58 billion from $6.07 billion.
Sasol raised its interim dividend to ZAR5.0 a share, up 4% on year. Sasol said it has approved a change to its dividend policy, and will now pay dividends based on its core headline earnings per share.
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(END) Dow Jones Newswires
February 26, 2018 01:34 ET (06:34 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.