Cairn India consolidated net at Rs 23 cr in 3rd quarter

Cairn India Ltd has reported a consolidated net profit of Rs 23.2 crore in the third quarter of 2007 against a loss of Rs 71 crore posted in the second quarter. The consolidated revenue of Cairn India and its subsidiaries for the quarter ended September 30 was Rs 265.8 crore, a 9.25-per cent increase over the previous quarter (Rs 243.3 crore). On a standalone basis, Cairn India Ltd has posted net loss of Rs 8.39 crore for the quarter ended September 30. Total income stood at Rs 7.94 crore.

The gross production of the operating units for the third quarter was three per cent lower at 75,280 barrels of oil equivalent per day (boepd) over second quarter (77,392 boepd).

Oil realisation

The company’s average oil price realisation in the third quarter was higher at $77.2 a barrel compared to the previous quarter realisation of $71.11 per barrel. The gas price realisation in the third quarter was $4.13 per million standard cubic feet.

Mr Rahul Dhir, Chief Executive, Cairn India, said, “We continue to focus our efforts on driving forward the Rajasthan midstream and upstream developments with first oil production from Mangala on schedule for 2009. The exploration success in Ravva and the drilling programme in the Cambay basin will underpin cash flows from these two important assets”.