PSO clarification

[Lahore_Real_Estate]

KARACHI: The Pakistan State Oil has clarified news circulating in a section of the media stating that during last quarter, PSO's sales revenue touched Rs 627 billion as compared to Rs 540 billion during the corresponding period last year.
Earnings after tax for the third quarter were Rs 2.5 billion, accumulating to Rs 7.5 billion for the nine-month period. The board of directors along with the Ministry of Petroleum recognised the efforts of current PSO management in transforming the largest public sector organisation into a viable and profitable entity amid the ongoing circular debt.
As of May 26, 2010, PSO's receivables stood at an alarming Rs 120 billion and it has had to resort to heavy borrowings, resulting in high financial charges. PSO is working closely with the government and would categorically deny the comments made by Nawaz Sharif, who in his zeal to project his point of view has resorted to factually incorrect statements. pr