South African petrochemical and energy major Sasol Ltd. (SOL.JO) reported a big jump in profit for the 12 months ended June, as the company continued to reduce costs and conserve cash amid a volatile macroeconomic environment at home and abroad.
Sasol on Monday posted a profit of 20.37 billion South African rand ($1.55 billion) for its 2017 fiscal year, up 54% from the previous year and in line with expectations as the company continued to cut costs in response to the lower crude-price environment. Last year, earnings were hurt by a ZAR9.9 billion partial impairment of the company's Canadian shale-gas assets.
Headline earnings per share, the preferred profit measure that strips out certain exceptional and one-off items, fell 15% to ZAR35.15 a share.
Sasol's revenue was down 0.3% at ZAR172.4 billion in the latest period from a year ago. The company declared a dividend of ZAR7.80 a share, down 14% from the previous year.
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(END) Dow Jones Newswires
August 21, 2017 01:58 ET (05:58 GMT)