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Markets News

South Africa's Denel made 1.7 bln rand annual loss -ministry

JOHANNESBURG, Aug 19 (Reuters) - South Africa’s ailing state defence firm Denel made a 1.7 billion rand ($99 million) loss in the 2019/20 financial year, the Department of Public Enterprises (DPE) said in a presentation to parliament on Wednesday.

Denel has not yet presented its results for the financial year that ended in March.

The DPE added in its presentation that Rand Merchant Bank had been appointed as a transaction adviser to ensure the government chooses the best funding option for state airline South African Airways, which is under a local form of bankruptcy protection.

$1 = 17.2588 rand Reporting by Alexander Winning; editing by Jason Neely

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