#FullView NUMBER OF THE DAY: R1.7 billion
335 views · Published 5 December 2018 · 1:11 · Indexed 4 October 2026
Channel: SABC News · 2018 · News & Politics
Our number of the day is R1.7 billion. Denel made a loss of R1.7 billion in 2018. The company told Parliament's portfolio committee on public enterprises this morning. The state-owned arms company bore the brunt of major financial fallout due to mismanagement, as well as a deal it was tied into by previous leadership that exposed it to risks through companies like Denel Asia and VR Laser. The company says it had to re-examine its "balance sheet and goodwill", ultimately choosing to sacrifice some goodwill because it could no longer be justified on the balance sheet. Denel says for the first time in a long time it seems like a better future is possible, It says with the clean-up into its operations done and they are ready to move ahead. For more news, visit: sabcnews.com
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