Despite recording an increase in sales volume, the decline in turnover compared to the previous year is due to the reduction in prices in the corresponding quarters.
Passing on the benefit of cost reductions to consumers, the cement industry announced two downward price revisions, which brought the Maximum Retail Price (MRP) of a 50 Kg bag of cement to 2,250 rupees.
The Economic Environment
We started the calendar year with a positive economic outlook, with the country's year-on-year GDP for the first quarter of 2024 reporting a 5.3 percent growth.
The Rupee appreciating against the US Dollar facilitated reductions in the cost of imported raw materials, which allowed for the price of cement and other building materials to be revised accordingly.
This story is from the September 2024 edition of Business Today Sri Lanka.
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This story is from the September 2024 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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