Cairn India net up 3-fold at Rs 116 cr

Cairn India net up 3-fold at Rs 116 cr


MUMBAI: Cairn India, the Indian subsidiary of Scottish firm Cairn
Energy, has announced a consolidated net profit of Rs 116.43 crore for
the fourth quarter of FY08, registering over three-fold growth from
the corresponding year-ago period. The company had a consolidated net
profit of Rs 37.56 crore for the Q4 of FY07. The consolidated total
income increased to Rs 337.59 crore for the quarter from Rs 272.55
crore in the yearago period. However, on a standalone basis, the
company posted a net loss of Rs 8.73 crore for the quarter ended March
31.




* Cairn India - Public Announcement
Cairn India Ltd has informed regarding Public Announcement dated April 30,
2008 titled Crude evacuation from RJ-ON-90/1 contract area.
The Ministry of Petroleum and Natural Gas of the Government of India (GoI),
has conveyed its agreement to shift the delivery point with respect to the
contract area under the RJ-ON-90/1 Production Sharing Contract to Salaya at
the Gujarat coast.
Oil field development work in Rajasthan has already started. The integrated
upstream and midstream development is on course to produce first oil from
Mangala in the second half of 2009. All major civil and construction
contracts have been awarded and long lead time items have been procured.

The Chief Executive Officer of Cairn India, Rahul Dhir said,
This is a very positive development for the project. Along with our joint
venture partner ONGC we have already invested more than $ 1 billion In
Rajasthan and plan to invest an additional $2.6 billion in the development
over the next two years.

This is a project of national importance and a landmark project for
Rajasthan, generating very significant royalties for the State and creating
more than 10,000 jobs in Barmer during the construction phase.