South African defence group Denel reports $125 mln loss

South Africa's struggling state-owned defense company suffered an operating loss of 1.9 billion rands ($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.