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| Sunday, 1 June 2003 |
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| News Business Features Editorial
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HNB Securities sees profits for the first time HNB Securities Ltd. accomplished a dramatic turnaround in 2002, attaining a profit after tax of more than one hundred million rupees. The year was the first in which HNB Securities showed profits. This turnaround was possible as a result of a restructuring process carried out during the first quarter of last year. G. Ramanan was appointed as the head of the company and was mandated with the task of restructuring it in the lines of a dynamic and professional primary dealer and a bond trading and investment company. HNB Securities was strengthened in key areas to enable it to move away from its monthly losses 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 which 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 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 the loss per share of Rs. 5.20 in 2001. Book value per share for 2002 is Rs. 10.79 compared with Rs. 3.96 in 2001. The objectives for 2003 are to further strengthen the company by recruiting qualified and experienced staff for each of the key areas, and to computerise operations. The computerisation process will be completed by July. HNB Securities, which is currently housed at the HNB International Building at the Fort, will shift to the HNB Towers by the third quarter of this year. The Directors of HNB Securities Ltd R. T. Wijetileke (Chairman), J. M. J. Perera, G. P. Karunaratne, J. D. N. Kekulawela, R. Theagarajah, D. N. Daluwatte and G. Ramanan (CEO). |
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