“Cash is king amidst prolonged uncertainty and our strategy is to manage EBITDA in the short term,” Pathirage told shareholders in the annual report 2019/20.
Pathirage stated that they have undertaken a Group-wide initiative to streamline costs which continues to be monitored and reinforced to support cash flow management.
“We have also renegotiated our interest rates with banks to reflect market rates which have declined sharply, supporting the bottom line and cash flow,” he said.
Pathirage further announced that the company signed contracts with third parties to expand and build their retail operations and added that work has commenced on many projects which will be completed in the near future.
The landmark hypermarket in Mount Lavinia opened in November 2020, realising part of our long-term retail strategy to build destinations offering unique retail experiences to consumers on par with developed markets.