October 4, 2019 / 8:28 AM / a month ago

South African defence group Denel reports $125 mln loss

JOHANNESBURG, Oct 4 (Reuters) - South Africa’s struggling state-owned defence company suffered an operating loss of 1.9 billion rand ($125.3 million) for the year to March 31, it said on Friday.

“The decline in our reputation has also had a draining impact on our financial position,” Group Chief Executive Danie du Toit said in a statement, noting that revenue dropped by 36% over the period. ($1 = 15.1619 rand) (Reporting by Tanisha Heiberg Editing by David Goodman)

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