As the COVID 19 pandemic situation is still evolving, Piramal Glass Ceylon in a stock exchange notification said it is difficult to fully quantify the future business impact on the company.
However the company said turnover for the year ended March 31, 2020 is Rs. 7,531 million vs Rs. 7,398 million of the previous year.
The Food, Pharmaceutical & Agro Chemical sector industries declared as essential services by the Sri Lanka Government heavily depend on the company for the continuous supply of glass bottles to them. However the closure of liquor shops did have negative sentiments which we believe would gradually get back to normalcy during the coming financial year.
The Exports have also come under pressure due to lockdown situations and the new rules and regulations laid down by different countries. But the company is optimistic about the future and is working closely with many customers on development of new designs and products.
The Financial year ended March 31, 2020 was impacted only for two weeks due to the pandemic situation. The company had to curtail production for a few weeks as per the government regulations and was back in full operation by mid-May.
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