Thursday, 28 August 2014 00:00
-
- {{hitsCtrl.values.hits}}
Abans PLC, market leader in electronics and home appliances and the leading retailer of consumer durables with 400 plus showrooms, has reported revenue of Rs. 25.8 billion and an increase of 9% over last year.
In spite of sluggish market conditions, the growth recorded is very encouraging, the company noted in a statement yesterday.
In a disclosure released to the Colombo Stock Exchange (CSE), the company has cited that the bottom line was impacted due to preoperational 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, from which funds were utilised to replace short-term borrowing.
“The company is about to begin construction of its mixed development project consisting of a shopping mall, five-star hotel and residence complex in a 55-storey tower which will provide the residents with uninterrupted majestic views of the Beira Lake, the ocean, Colombo Harbour and Viharamahadevi Park,” the statement added.
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, groceries, etc.
The large food court will serve clean and wholesome food offering a variety of Sri Lankan and international cuisine, fast foods, 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.
