Cairn India posts Rs.1.38 bn profit

July 29th, 2008 - 11:05 pm ICT by IANS  

New Delhi, July 29 (IANS) Energy firm Cairn India Ltd has posted a consolidated profit after tax of Rs.1.38 billion ($32.8 million) during the second quarter of 2008 compared to a loss of Rs.714 million over the same period last year. The company announced Tuesday that there was a rise of 65 percent in the consolidated revenue from Rs.2.4 billion in 2007 to Rs.4 billion in this year.

The Cairn India statement reiterated that the company would deliver the first oil from Mangala oil field in Rajasthan in the second half of 2009.

Infrastructure major Larsen & Toubro has started work on a crude oil insulated pipeline, gas pipeline and associated facilities from Barmer, Rajasthan, to Gujarat coast.

Cairn India has also acquired an exploration licence to look for oil and gas in Sri Lanka’s Mannar basin.

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