JOHANNESBURG – Sasol Ltd. shares fell the most in almost three weeks after the South African chemicals and fuel manufacturer forecast full-year profit will probably decline by a fifth as it takes measures to mitigate a depressed oil market.
Sasol earnings per share before one-time items are expected to drop by at least 20% in the 12 months through June, according to a statement distributed by the Johannesburg Stock Exchange. It outlined steps in March, including plans to conserve cash and a potential $2 billion rights offer, to offset the collapse in oil prices earlier this year.
The stock fell as much as 9.1%, the most since May 4, and was trading 7.5% down as of 10 a.m. in Johannesburg. The shares have slumped 75% this year, making Sasol the worst performer in an index tracking South Africa’s 40 biggest companies.