New Delhi: Cairn India Ltd on Thursday reported a consolidated net profit of Rs236.42 crore in the quarter ended 31 December 2008 as compared to a loss of Rs13.91 crore in the year-ago period.
The net profit included one-time reversal of deferred tax liability amounting to Rs123.60 crore, the company said in a statement.
The consolidated profit before tax for the fourth quarter of 2008 was Rs169.37 crore as opposed to Rs20.52 crore in the October-December quarter of 2007.
Cairn India CEO Rahul Dhir said that cash flow from operations were down 20% at Rs95.2 crore on lower realisation on crude oil, it sold in the quarter. The average oil price realisation was $56.4 per barrel, down from $90.2 a barrel the previous year.
The gas price realisation in Q4 2008 was higher at $4.0 per million standard cubic feet when compared with $3.63 per million standard cubic feet of 2008.
Cairn produced 63,005 barrels per day of oil equivalent (boepd), down from 65,331 boepd in Q4 2007.
The consolidated revenue of Cairn India was Rs210.8 crore, a decline from Rs266.7 crore of 2007.