Cairn net more than triples
Press Trust of India : New Delhi, Tue Oct 23 2012, 01:19 hrs
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Cairn India Ltd on Monday said it has more than tripled its net profit in September quarter to Rs 2,322.18 crore on the back of higher production, and will consider its maiden dividend payout on October 31.
Net profit in July-September quarter last year stood at Rs 763.03 crore, a company statement said here.
Cairn produced an average of 171,801 barrels per day (bpd) of crude oil from its prolific Rajasthan fields, up from 125,251 bpd a year ago. This increased production helped offset $142 million or Rs 786 crore of forex loss due to rupee appreciation.
Cairn said revenue rose 68 per cent to Rs 4,443.1 crore. Also, the company reported resolution of a dispute over laying of a 80-km pipeline from Salaya to Bhogat in Gujarat.
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