South Africa’s struggling state-owned defense company, Denel SOC Ltd, 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.
