With the current negative market sentiments of the COVID-19 pandemic, the first quarter of the 2020/21 financial year will be challenging one for the construction industry in Sri Lanka, said Pramuk Dediwela -Managing Director of Alumex PLC.
He further said that the impact may continue for a few more months. The cost of imported raw material will be impacted by the sharp depreciation of the rupee and disruptions to global supply chains. “But this could be partially offset by the softening of global metal prices.”
“With the expanded production capacity, enhanced product portfolio, extended distribution network and infrastructure, together with international strategic partnerships, international quality standards and a growing global market presence, Alumex is well poised to further penetrate the local market and venture across borders,” Dediwela said in the company’s Annual report. Year 2019/20 was challenging for Alumex. It started with the tragic April 21 Easter Sunday terrorist attacks resulting in some of their customers halting operations. Sales declined by over 15 percent during the first two quarters of the financial year due to this economic disruption and slowdown followed by the incident. While the impact gradually declined, it continued until the end of the third quarter.
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