South Africa’s state-owned power company has released figures showing its profits are down by 34%.
Eskom’s figures also showed a worsening cash position, a fall in asset values and a gap of 50% between the funding it needs, and the funding it has.
The struggling company has received a number of government bailouts, but is also implicated in a corruption scandal involving South Africa’s president, Jacob Zuma.
There are allegations that certain contracts relating to Eskom were given to government allies, instead of being properly tendered out.
Eskom dominates the electricity market in South Africa and exports power to some of the country’s neighbours.
But in recent years, the size of its debts have regularly been cited by credit ratings agencies as a threat to South Africa’s economic stability.
Last month, the company elected a new board, prompting hopes that its fortunes can be reversed.