Lanka aluminum company (LankaAluminiumIndustriesPlc) said in a document, because of the new champions league outbreak hit the real estate, aluminum extrusion in Sri Lanka market fell 40%. It is also anticipated that this situation will continue until a permanent solution can be found to novel Coronavirus.
On March 19, Lanka Aluminum began to shut down due to coVID-19, and sales have slowed since then. In fact, there were no sales in April and May, the company said in the filing.
On May 11, the factory began to resume some production and the surrounding dealers began to reopen, but the demand and sales volume were low.
In the first quarter of 2020, RSL reported operating income of RSL 397 million, compared with RSL 463 million in the same period last year.
Falling demand from the construction industry is also expected to hit the company in the second quarter, further cutting into profits.
To mitigate the cost of the outbreak, Sri Lanka has sought help from Banks while reducing fixed costs.
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Sri Lanka’s aluminium EXTRUSION fell 40 per cent
Lanka aluminum company (LankaAluminiumIndustriesPlc) said in a document, because of the new champions league outbreak hit the real estate, aluminum extrusion in Sri Lanka market fell 40%.
It is also anticipated that this situation will continue until a permanent solution can be found to novel Coronavirus.
On March 19, Lanka Aluminum began to shut down due to coVID-19, and sales have slowed since then.
In fact, there were no sales in April and May, the company said in the filing.
On May 11, the factory began to resume some production and the surrounding dealers began to reopen, but the demand and sales volume were low.
In the first quarter of 2020, RSL reported operating income of RSL 397 million, compared with RSL 463 million in the same period last year.
Falling demand from the construction industry is also expected to hit the company in the second quarter, further cutting into profits.
To mitigate the cost of the outbreak, Sri Lanka has sought help from Banks while reducing fixed costs.