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Sasol cuts 1,500 jobs but H2 net profit jumps

Mar. 09, 2015 7:48 AM ETSasol Limited (SSL) StockSSLBy: Carl Surran, SA News Editor2 Comments
  • Sasol (NYSE:SSL) says it has cut 1,500 jobs and will further postpone its $14B gas-to-liquid plant in Louisiana in response to low global oil prices.
  • SSL also outlines additional policies totaling 30B-50B rand, including cutting 4B-7B rand in cash costs over the next 30 months and then 1B rand annually.
  • Reaffirms plans to cut dividends by 12.5% to 7 rand, in a bid to build a cash pile over the next 30 months (earlier).
  • The announcement came as SSL's says its net profit rose from 12.71B rand ($1.05B) to 19.54B rand in the six months ending Dec. 31 on revenue of 99.83B rand.

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