Flooring company, Parquet to be restructured

Parquet Ceylon Ltd, a flooring products company owned by Lanka Tiles Ltd, is to be restructured in the coming months aimed at turning it into a profitable organisation, the company has informed the Colombo Stock Exchange.

?In the said process, we will disposing of unproductive and unutilized assets including some machinery and part of the land at our factory premoses at Belummahara, Imbulgoda,? Mahendra Jayasekera, Managing Director of Parquet has said in the announcement. He said the money after realizing these assets will be used to settle debt and to invest in new product lines. The company, currently exporting about 30 to 40 percent of its output with the balance sold in the local market, has been showing losses in recent years.