South Africa’s Petrol Chemicals giant Sasol Ltd. has reported a R91-billion loss, as it closed a turbulent year in June.

Speaking to Business Day tv, Fleetwood Grobler who serves as Chief Executive Officer, said the combined effects of unprecedented low oil prices, destruction of demand for its products, and write-downs are behind the loss.

He said Sasol reported an annual loss after $6.5 billion in asset writedowns and the scheduling of a rights issue as its struggles continued amid the coronavirus pandemic. The shares slumped as much as 9.6%.

Lower demand and prices for its products due to the virus, compounded by problems at its U.S. Lake Charles chemical project, is making a bad year worse for the company, he said.

The group’s cost overruns at its Lake Charles facility in the US were compounded by the impact of COVID-19.

Headline earnings, which are a measure of profits, tanked more than 100-percent to -R11.70 per share, compared to R30.72 in the year before.

The company is now offloading assets to stabilise its balance sheet, including the sale of its air separation units to Air Liquide for R8.5-billion.