Cairn India Limited on Wednesday said that for the third quarter, the company?s consolidated profit after providing for tax (including deferred tax and FBT) for Q3 2008 was Rs 293 crore ($67.2 million) as compared to was Rs 23.2 crore ($5.7 million) in Q3 2007. Tax (including current tax and deferred tax), the company said, is calculated at entity level and not on a consolidated basis, and losses arising within one jurisdiction are not available for offset against profits arising in another.
The consolidated profit before tax for Q3 2008 was Rs 360 crore ($82.5 million) against Q3 2007 figures of Rs 67.4 crore ($16.6 million).
The consolidated revenues of Cairn India for Q3 for 2008 was Rs 320.6 crore ($73.5 million) while for Q3 2007 it was Rs 265.8 crore ($65.6 million)
Rahul Dhir, chief executive officer said, ?Cairn India continues to focus efforts on driving forward the Rajasthan upstream and midstream developments and remains on track with adequate financial liquidity to deliver first oil from Mangala in H2 2009.?
The average oil price realisation in Q3 2008 was $116.3/bbl and for Q3 2007 was US $77.2/bbl.