How could the Barbados National Oil Company lose $65 million?

Barbados Free Press reader “St. George’s Dragon” asks…

“The results of the Barbados National Oil Company are out (a year late) and scandalously show that they have lost $48 million in the year, and will presumably have lost another similar amount in the time since March 2009 year end.

I am not an accountant, but there must be some relevance in the fact that the profit from the up-stream side (is that oil production?) is $14.5 million, while the marketing side has lost $65 million.

How can you lose $65 million when the fuel prices are not subsidised by the Government any more?”

PWC Auditors say Barbados National Oil Company “not viable” – No kidding!

According to The Nation, the auditing firm of PricewaterhouseCoopers says that the Barbados National Oil Company is on a downward spiral and will crash and burn without more of your tax dollars.

Who put the “Potatoes Yams Casavas on sale” sign here?

Our old friend Colin Beadon offers this Mount Pleasant Barbados nature photo taken on July 1, 2010. Perhaps one of our readers recognises the “Potatoes Yams Casavas on sale” sign?