07:16 AM EDT, 08/12/2024 (MT Newswires) -- Sasol ( SSL ) said Monday that it expects over a 100% decline in fiscal 2024 earnings as impairments led to an after-tax net loss of 55.8 billion South African rand ($3.06 billion) during the fiscal year.

The impairments include 45.5 billion rand after tax from the group's Chemicals America Ethane value chain cash-generating unit, Sasol ( SSL ) said. According to the company, fiscal 2024 saw challenging market conditions given lower chemical prices and constrained margins.

The company estimated 2024 basic loss per share of 68.82 rand to 71.48 rand, compared with basic earnings per share of 14.00 rand in the previous year. Sasol ( SSL ) also said it expects up to 17% decline in adjusted earnings before interest, tax, depreciation, and amortization.

Sasol ( SSL ) said it is set to release its fiscal 2024 results on Aug. 20.

Shares of Sasol ( SSL ) were 1.7% lower premarket.

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