Company news in brief

Sasol half-year earnings tumbleSouth African petrochemicals group Sasol yesterday reported a 74% drop in interim profit, weighed down by problems at its Lake Charles Chemicals project (LCCP) in the United States and softer chemical and Brent crude oil prices.Difficulties at the Lake Charles project, which is costing billions of dollars more than initial estimates, have led to the resignation of the company's joint chief executives late last year.Headline earnings per share, the main profit measure, for the six months ended Dec. 31 fell to R5.94 from R23.25 a year earlier. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 27% to R19.6 billion.LCCP hurt EBITDA by R1.1 billion, and the plant resulted in R1.7 billion in depreciation charges.Sasol said revenue from the Louisiana plant, which converts natural gas into plastics ingredient ethylene, did not yet match its project costs. However, the company expects the facility to generate positive EBITDA in the second half of the year. – Nampa/ReutersBarclays set to launch CEO searchBarclays is gearing up to start the search for a new top boss to replace chief executive officer Jes Staley, the Financial Times reported yesterday, citing two people briefed on the bank's plan.The possible shake-up comes as Britain's financial regulators are probing links between Staley and the US financier Jeffrey Epstein, who killed himself while awaiting trial on sex trafficking charges, after the FT reported on a trove of emails between the two earlier this month.Staley, who took over as CEO in 2015, has told colleagues he expects to leave Barclays by the end of 2021 and could step down at the annual meeting in May next year, the report said.The change in top brass at Barclays would follow the change of guard at Europe's top banks including Royal Bank of Scotland, UBS and Credit Suisse.HSBC said last August that it would appoint a new CEO within six to twelve months following the shock ouster of John Flint, with his interim replacement Noel Quinn the internal candidate and favourite for the role. – Nampa/ReutersVale announces losses after dam disasterBrazilian mining giant Vale announced a net loss of US$1.68 billion in 2019, compared with a US$6.86 billion profit in the previous year, partly due to the collapse of a dam that killed 270 people.The company, which reported a US$1.56 billion net loss in the fourth quarter, saw its iron ore production fall sharply, and earlier this month it called 2019 "the most challenging year of its history."The dam collapse in January 2019 at Vale's mine in Brumadinho, in southeastern Brazil, sent millions of tons of toxic mining waste gushing into the surrounding area.The disaster was one of the worst industrial accidents in Brazilian history.Brazilian prosecutors have charged 16 people, including Vale's ex-president Fabio Schvartsman, with intentional homicide and environmental offenses, alleging they hid the risk of a dam collapse. – Nampa/AFPPrimark owner warns of supply delaysPrimark owner Associated British Foods warned yesterday there was a risk of supply shortages on some lines later in the 2019-20 financial year if delays in factory production in China are prolonged due to coronavirus.AB Foods, which sources a broad assortment of its product from China, said it typically builds inventories in advance of Chinese New Year and, as a consequence, is well stocked with cover for several months and does not expect any short-term impact."We are assessing mitigating strategies, including a step up in production from existing suppliers in other regions," it said yesterday.The group also owns major sugar, grocery, ingredients and agriculture arms.AB Foods forecast first-half sales and adjusted operating profit ahead of the previous year. Its outlook for the full-year is unchanged. – Nampa/ReutersSome Samsung, Hyundai workers self-quarantineSome South Korean workers at Samsung Electronics and Hyundai Motor are staying home as a precautionary measure as corporate Korea scrambles to prevent the coronavirus outbreak from disrupting its home market.About 1 500 workers of Samsung Electronics' phone complex in the southeastern city of Gumi have self-quarantined, after one of its workers was infected with the disease, a person familiar with the matter said.They include 900 workers who commute to Gumi from neighbouring Daegu city, the person said. Daegu is the epicenter of the virus outbreak in South Korea.South Korea yesterday reported 161 new cases of the coronavirus, bringing the total number of infected patients in the country to 763, a day after the government raised its infectious disease alert to its highest level.While most of the new cases were traced to the southeastern city of Daegu, almost all major cities and provinces reported some infections. – Nampa/Reuters

Company news in brief

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Republikein 2026-05-26

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Company news in brief

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