Cairn posts Rs 8.39 cr loss

Cairn India, which will start producing oil from its giant fields in Rajasthan by 2009, has recorded a net loss of Rs 8.39 crore in the quarter ended September 30, 2007. Comparable numbers for the last year were not available as the company was not listed then.

The company's income for the quarter was Rs 28.1 lakh, while other income was at Rs 7.66 crore. This was lower than that in the previous quarter ended June 30, 2007.

Cairn India's only asset is the yet-to-start-production Rajasthan field.

On a consolidated basis, the company recorded a net profit of Rs 23.24 crore during the quarter ended September 2007. In the quarter ended June 2007, the company along with its subsidiaries recorded a loss of Rs 71.4 crore.

Net sales during the quarter stood at Rs 265.81 crore, up 9.25 per cent from the Rs 243.30 crore recorded in the quarter ended June 2007. Other income during the quarter stood at Rs 34.29 crore.

Cairn and its subsidiaries, which have oil and gas producing assets in Ravva in the Krishna-Godavari basin and in the Cambay basin, recorded an average crude oil price realisation of $77.2 a barrel as compared with $71.11 a barrel in the April-June quarter.