Fitch reveals that demand for spirits will weaken as most consumers will prioritize essential food and medicine. It is expected that consumers will shift to cheaper beer from spirits and from formal channels to illicit liquor.

“amid falling affordability, shrinking the spirits market,”

the rating agency said. Distilleries Company of Sri Lanka PLC has been rated as a company with a  Stable outlook.  The company is the largest spirits maker in Sri Lanka. The Fitch rating report said the company has increased prices by 30-40 percent across most spirits products since March 2022 to recover rising costs. Distilleries Company of Sri Lanka continues to benefit from the ban on imported spirits because high-end consumers have shifted to locally-produced spirits, helping the company to recover some lost sales.

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