Sasol's Results in Line With Our Expectations Despite Lower Production
No-moat Sasol reported fiscal 2018 results that were highlighted by another decrease in production. Liquids production declined 13% (after being down 16% in fiscal 2017) to 1.5 million barrels. Natural gas production was modestly lower at 135 billion cubic feet, down 2% compared with the prior year. Refined products were also modestly lower at 31.5 million barrels, down 3% from fiscal 2017. Despite the decline in production metrics, EBITDA was ZAR 52 billion, in line with our expectations.Saso...
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