October 4, 2019 / 8:32 AM / 15 days ago

South African defense group Denel reports $125 million loss

FILE PHOTO: Denel company logo is seen at the entrance of their business divisions in Pretoria, South Africa, December 4, 2018 REUTERS/Siphiwe Sibeko/File Photo

JOHANNESBURG (Reuters) - South Africa’s struggling state-owned defense 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.

Reporting by Tanisha Heiberg; Editing by David Goodman

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