PNB asset company posts profits

New Delhi: Punjab National Bank Asset Management Company (PNB AMC) is back in action, posting a profit of Rs 1.27 crore for the nine-month period ended 31 December 2001.

The company has been making losses for the last four years. Says PNB AMC managing director Ranjan Dhawan: "The assured return schemes was mainly the cause of our losses. Now, we have withdrawn these schemes and are confident of making profits in the future."

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.

Dhawan says his company is 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."

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