JOHANNESBURG - Struggling state-owned arms firm, Denel will embark on a cost-cutting turnaround plan after posting more dismal results.
The company suffered a R1,7-billion loss in the 2017/18 financial year, following seven years of limited profits.
The delayed year-end report also identified R500-million in irregular expenditure.
Denel blamed the loss on a steep fall in revenue, higher borrowing costs and foreign exchange losses.
A team of forensic investigators have been appointed by the new board of directors to probe procurement irregularities.
The state-owned entity is also exploring new joint venture partnerships.
Saudi Arabia is reportedly one of several bidders vying for a stake in the business.