Denel eyes turnaround

Denel said it’s working on a turnaround plan that would involve cost-cutting and exploring joint ventures after posting a loss.

Denel is one of several state firms which became embroiled in corruption scandals involving the Guptas.

Denel said the R1.7 billion operating loss it made in the 2017/18 financial year was driven by a steep fall in revenue, higher borrowing costs and foreign exchange losses. – Reuters