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Polymers loss causes Sasol's chemical profits to tumble 70%

9:10 AM MDT | September 9, 2013 | Ian Young

Sasol says that operating profits at the company's chemicals cluster tumbled 70% in the fiscal year ended 30 June 2013, to 1.9 billion South African rand, on sales up 11%, to R105.3 billion. The collapse in earnings was due to Sasol's polymers business, which swung to a R2.8-billion operating loss from a R716-million profit in the previous year. Quarterly figures were not disclosed. About R1.8 billion of the polymers loss was incurred in the South African market, where feedstock price increases outweighed increases in selling prices, Sasol says. The rest was due...

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