Group Five reported a 14.5% drop in revenues for the last six months of 2017, compared to the previous year, and a loss just shy of R760 million – for an average monthly loss of R127 million.
Its headline loss was nearly triple that of the last half of 2016.
CEO Themba Mosai was apologetic.
"We expected this period to remain very difficult," he told shareholders. "Unfortunately, even against this expectation, our results for the six months to December were significantly below our objectives and very disappointing."
Much of the loss was due to a single, disastrous project: the Kpone thermal power station Group Five is building in Ghana.
Kpone was responsible for R649 million of its operating loss, Group Five said.
Construction on the station is late, and Group Five faces massive penalties for not delivering it on time.
Group Five has promised to sue various other parties it blames for the delays on the site, and on Thursday said it would ensure "continued senior team focus to drive this contract to completion".
It has also promised to move out of its swanky new head office outside Johannesburg "as soon as possible" to save money, among other initiatives.
In the meanwhile, though, it will be coming to shareholders for cash.
In late March – in the nick of time before it had to publish the interim results – Group Five landed up to R650 million in short-term funding.
But on Thursday it said it would "prefer to approach shareholders to discuss recapitalisation options and replacement of this debt as soon as possible."
It said it would ask approval from shareholders for whatever it identifies as "the best course of action for financial support" some time after June.