LCMA says biscuit industry facing collapse

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Lanka Confectionery Manufacturers Association (LCMA) said factories will close down and thousands would lose their jobs if consumers stop buying biscuits.

Consumers have been severely affected by the rising price of biscuits. It is reported that many have stopped buying biscuits because they cannot afford the new prices.

During a media briefing on Tuesday (16), President of LCMA S.M.D. Sooriya Kumara claimed that prices have not been increased compared to the manufacturing costs.

“The Sri Lankan confectionery industry is entirely run by local entrepreneurs. We have increased prices in a way that profits are minimised.  In the past few months, prices of raw materials have increased by nearly two hundred per cent. But we have not increased the prices of biscuits in such a way,” he said.

By Tharaka Samman