Oil and gas major Cairn India on Thursday reported a consolidated loss of Rs.240 crore for the fourth quarter of fiscal 2014-15 caused by a slump in international oil prices. The company had a consolidated net profit of Rs.3,035.44 crore in the same quarter of 2013-14.
The company’s consolidated net revenue also dropped 47 percent during the quarter in question to Rs.2,677.2 crore as compared to Rs.5,048.89 crore in the same quarter of the previous fiscal. Cairn sold crude oil at an average price of $48.6 a barrel, which was nearly 50 percent lower than in the same quarter of 2013-14.
“Profit after tax (excluding exceptional items) for Q4 FY15 was Rs.193 crore. Exceptional item in Q4 FY15 pertained to impairment loss of Sri Lanka amounting to Rs.505 crore (gross of tax) leading to a negative profit after tax for the quarter of Rs.241 crore,” the company said in a statement.
The company incurred higher operating expense at Rs.345 crore due to higher well maintenance costs. It also incurred higher exploration cost write-off as well as forex loss due to rupee appreciation. For the full fiscal 2014-15, Cairn posted a profit of Rs.6,541 crore on revenues of Rs.14,646 crore.
“Restructuring the organisation in the early part of the year geared up the organisation to capture value along each line of business. This helped us to respond to the current oil price slump better than most of our global peers,” Cairn India chairman Mayank Ashar said. Cairn India stock closed on Thursday at Rs.213.60 a share, which was 2.22 percent lower than its previous close on the BSE. (IANS)