Denel reports R1.9 billion loss

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Struggling state-owned defence company, Denel, has reported an operating loss of R1.9 billion for the year to March 31, it said on Friday.

Group Executive Officer Danie du Toit says a decline in reputation formed part of the reason for their dwindling financial position.

He says revenue had dropped by 36% over the period.

Earlier this week the ANC’s National Executive Committee said one of the priorities of the governing party would be dealing with the financial woes of state-owned enterprises.

This followed a four-day meeting where the NEC discussed the issue of economic development in South Africa.

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