Abans records 9% rise in revenue

Abans PLC, market leader in electronics and home appliances and a retailer of consumer durables, have reported a revenue of 25.8 billion an increase of 9% over last year.

In spite of sluggish market conditions, the growth recorded is encouraging.

In a statement released to the Stock Exchange the company has cited that the bottom line was impacted due to pre-operational losses and finance costs owing to its planned mega mixed development project.

The company floated a Rs. 2 billion debenture in December 2013 which was oversubscribed. A part of the proceeds were used to replace short-term borrowing. The company is about to begin construction of its mixed development project consisting of shopping mall, five-star hotel and residential complex in a 55-storey tower which will provide the residents with a majestic view of the Beira Lake, the ocean, Colombo Harbour and Viharamahadevi Park.

The mega mall is expected to be one of Sri Lanka's landmarks with shopping, entertainment, movie theatres, large food court and children's play facilities in an integrated concept.

The spacious, stylish and modern shopping centre will house sections for branded fashion garments for men, women and children, accessories, toys, stationery, jewellery, perfumes, cosmetics and groceries.

The large food court will serve clean and wholesome food offering a variety of Sri Lankan and international cuisine, fast food, snacks, ice cream and beverages.

The movie theatres will screen the latest movies and 3D films. There will also be a gym, a cyber café, bowling alley and indoor archery.