According to a report issued by Lanka Aluminium Industries PLC, due to the impact of COVID-19 on the real estate industry, the aluminum extrusions market in Sri Lanka was down by 40%, and it was predicted this situation will remain until the permanent solution for COVID-19 is found.
Lanka Aluminium was closed since March 19th, 2020 due to the COVID-19 outbreak. The sales slowed down since then, and actually there were no sales in April and May. Lanka Aluminium restarted part of the production since May 11th, 2020, and the distributors also started the business at that time, but the demand and sales were still weak.
Lanka Aluminium’s sales revenue in the first quarter of 2020 was 397 million LKR, while the figure in 2019 was 463 million LKR.
The weak demand in the construction industry will keep hitting Lanka Aluminium’s sales in the second quarter. In order to decrease the loss, Lanka Aluminium is doing its best to lower the fixed costs and also seeking help from the banks.
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