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PNB asset co back in black

Our Bureau

NEW DELHI, Feb. 13

PNB Asset Management Company Ltd (PNB AMC) is back in the black, posting a profit of Rs 1.27 crore for the nine month period ended December 31, 2001.

The AMC had been making losses for the last four years. ''The assured return schemes was mainly the cause of our losses. We have withdrawn these schemes and are confident of making profits in the future,'' said Mr Ranjan Dhawan, Managing Director, PNB AMC.

The company had registered losses of Rs 73 lakh last year and its accumulated losses stood at Rs 11 crore. Its total corpus of funds currently stands at Rs 80 crore.

Mr Dhawan said that the AMC was in no hurry to induct a strategic partner. ''Last year, we were looking at inducting a partner. But now, we may or may not go in for a joint venture. We can look at restructuring on our own,'' he said.

As part of its future plans, the AMC will launch new schemes to increase its corpus. These schemes are expected to be in the debt-related segment.

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