October 28, 2019 / 6:37 AM / 25 days ago

Sasol's annual profit up 5%, shelves dividend

JOHANNESBURG, Oct 28 (Reuters) - South African petrochemicals group Sasol on Monday reported a 5% rise in annual profit and shelved its final dividend as the firm sought to strengthen its balance sheet in light of a challenging trading environment

Core headline earnings per share (HEPS), which strips out certain one-off items and is the primary profit gauge in South Africa, rose to 38.13 rand ($2.61) for the 12 months ended June. 30 from 36.38 rand, a year earlier.

Adjusted Earnings before interest, tax, depreciation and amortization (EBITDA)decreased 9% compared to the prior year due to lower chemical product prices and higher operating costs from its Lake Charles Chemicals Project. ($1 = 14.6162 rand) (Reporting by Pushkala Aripaka in Bengaluru and Tanisha Heiberg in Johannesburg. Editing by Shri Navaratnam)

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