Denel announced on 4 October that its revenue fell by 36% in the fiscal year that ended on 31 March, as the struggling South African defence contractor continued to implement a turnaround plan.
The government-owned company reported revenue of ZAR3.8 billion (USD251 million) in fiscal year 2019, down from ZAR5.8 billion (USD386 million) the previous year.
Denel᾿s net loss was ZAR1.75 billion in fiscal year 2019, up from ZAR1.05 billion the previous year.
Despite the negative financial news, Denel, which has a new board of directors and mostly new senior executives, expressed optimism that it is on track to recover from past mismanagement that had a “debilitating impact” on the entire business.
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