ISLAMABAD - The Board of Management of Pakistan State Oil (PSO) Wednesday raised serious concerns over the ever-rising circular debt, which has compromised the companys liquidity and rendered it cash-strapped. As at the end of December 2010, the circular debt was Rs 127 billion and receivables now swelled to Rs 150.84 billion. The Board of Management met here on Wednesday to review the companys performance over the first half of the financial year 2010-11. The PSO Board was informed that the financial costs associated with servicing this debt coupled with consistent non-payment from the power sector continue to hurt the overall profitability of the company. The PSOs management is working closely with the government and IPPs for recovery of its receivables and chalking out a long-term resolution plan for this continuing crisis. However, in recognition of the performance of the company, the Board declared a first interim cash dividend of Rs. 5 per share for the year ending June 30, 2011.