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. Continue reading
