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HNB Securities Ltd. recorded an after-tax profit of over one hundred million rupees. The year 2002 was also the first year in which HNB Securities Ltd. showed profits.

This dramatic turnaround was possible as a result of a restructuring process carried out during the first quarter of 2002, the company said yesterday.

G. Ramanan, CFA was appointed as the head of the company and was mandated with the task of restructuring the company in lines of a dynamic and professional primary dealer and a bond trading and investment company.

HNB Securities was strengthened in key areas to enable the company to move away from the monthly losses it was incurring and to be in a position to actively participate in both primary and secondary market activities. HNB Securities was also one of the four primary dealers who were instrumental in launching derivatives (Forward Rate Agreement and Interest Rate, Swaps) during the inaugural Fixed Income Securities Conference.

The results of the restructuring process were evident from the profits achieved for the year.

Out of the Rs. 102.2 million after-tax profits, Rs. 90.5 million was utilised to set off against accumulated losses, Rs. 10.2 million was transferred to a risk reserve and Rs. 1.5 million was retained. Earning per share for 2002 is Rs. 6.83 compared with loss per share Rs. 5.20 in 2001 and Book value per share for 2002 is Rs. 10.79 compared with Rs. 3.96 in 2001, a company spokesman said.

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