Cairn India profit at Rs 37.6 cr

CORPORATE SCORECARD

Oil exploration and production company Cairn India has recorded a net profit of Rs 37.6 crore for the quarter on a consolidated basis, with revenues of Rs 272.6 crore. The consolidated results include its production operations in Ravva in the Krishna-Godavari basin.

The company, meanwhile, posted a loss of Rs 8.54 crore for the quarter ended March 2006.

The company's gross revenues stood at Rs 12.6 crore. The recently listed company, which owns oil-rich blocks in Rajasthan, did not give comparative figures for the last year.

Average oil price realisation for the company, which was spun off from its Scottish parent Cairn Energy, during the quarter stood at $61.04 per barrel while the average gas price realisation was $4.07 per million cubic feet. The average price realisation was $42.25 per barrel of oil equivalent.

The company's Chief Executive Officer Rahul Dhir said: "Cairn India remains focused on driving forward the Rajasthan development to bring new production onstream, while maximising the production potential from existing assets, enabling increased exploration activity and ensuring the Rajasthan upstream project remains on track to produce first oil in 2009."

Cairn also said that it was in discussions for laying a pipeline to transport the waxy crude from the fields, the country's first heated pipeline. He said a proposal, awaiting government approval, to include a pipeline within the Field Development Plan to transport Rajasthan crude to Gujarat coast was under discussion.