Cairn Energy reports falling net profits

LONDON, August 27, 2008 (AFP) – British oil firm Cairn Energy said that net profits slumped in the first half of 2008, compared with the same period last year when it was boosted by the part sale of its Indian division.

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Cairn said in a results statement that net profits slumped by 76 percent to 362 million pounds in the six months to the end of June, compared with 1.514 billion pounds previously.

Operating profit stood at 44.2 million pounds in the first half owing to soaring crude oil prices.

That contrasted with an operating loss of 18.2 million pounds in the same period of last year.

In 2007, Cairn Energy booked an exceptional gain of 1.539 billion dollars on the disposal of 31 percent of Cairn India through an initial public offering.