South African defence group Denel reports R1.9bn loss
JOHANNESBURG - South Africa’s struggling state-owned defence 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.
The news comes shortly after it was announced that the SABC will be receiving R2.1 billion on Monday as part of the R3.2 billion bailout.
The Minister said the money would be transfered to the SABC on Monday October 7.
The government has, however, set stringent conditions before the money is released, which include that the Public Broadcaster submit a list of identified initiatives for revenue enhancement and cost-cutting initiatives.
Briefing the media Ndabeni-Abrahams said the SABC had met most the conditions that were set out by government.
REUTERS / BUSINESS REPORT