Sri Lanka’s Lanka Tiles expect 20-pct revenue drop in 2020
ECONOMYNEXT – Sri Lanka’s Lanka Tiles Plc, said it expected a 20 percent revenue drop in 2020, and profits as the country recovers from a Coroanvirus crisis.
“However the company is confident that it has the necessary resources and business capability to withstand the negative effects and uncertainty this pandemic has created,” Lanka Tiles said in a stock exchange filing.
“The Board together with the Management is focused on minimizing the financial impact and ensuring long term business continuity by critically analyzing operations in order to reduce costs and increase revenue.”
Lanka Tiles has delayed submitting accounts due to Covid-19 curfews but said it was working with auditors to complete the statements.
In the year to March the firm said revenues dropped 4 percent from a year earlier, though overall performance was better than the previous year.
Sri Lanka imposed curfews to stop the spread of Coronavirus from around the last week of March. (SB-Colombo/June01/2020)