Laxapana Batteries PLC said it is expected that the current situation would have a significant negative impact on the revenue and profits of the Company at least in the first half of the financial year 2020/21.
The company said further the turnover of Laxapana Batteries PLC (the Company) for the 4th quarter and the year ending March 31, 2020 are Rs. 32.66 million and Rs. 155.08 million respectively.
“We are of the view that the COVID-19 impact on our steel wire segment will not be long-term. However, we do not expect a significant impact on our future revenue of hardware products when the normalcy returns. Nevertheless, we recommend that investors, who wish to trade, take into account the present global economic situation and market uncertainties,” the company said in a stock exchange notification.
The company said further that with all safety measures, we gradually started our distribution channels strictly under the guidelines issued by the Government of Sri Lanka. Steps have been taken to continue work from home with secured access to operating systems and reduce the number of employees in the work place whose physical presence is not essential. “Our business operations were not eligible to receive fiscal and monetary concessions (debt moratorium reliefs) introduced by the Central Bank of Sri Lanka for COVID-19 hit businesses.” (IH)
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