Sasol expects H1 profit to slump by at least 20%
JOHANNESBURG – South African petrochemicals group Sasol on Monday warned of an at least 20% drop in first-half profit, and said it had secured bank funding worth $1.5 billion to shore up its liquidity as debts related to a troubled project ramp up.
Sasol’s Lake Charles Chemicals Project in Louisiana, United States, which is costing billions of dollars more than initial estimates and whose problems have led the resignation of both of the company’s joint chief executives, is about to hit its “peak gearing phase”, the company said.
The funding raised should not impact its net debt position, Sasol added.
Source: iol.co.za
