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South African defense group Denel reports $125m loss

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South Africa’s struggling state-owned defense company suffered an operating loss of 1.9 billion rand (125.3 million dollars) 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.

He noted that the revenue dropped by 36 per cent over the period. (Reuters/NAN)


AOM/AFA


(NAN)
Edited by Abdullahi Mohammed/Felix Ajide

Abdullahi Mohammed: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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