Cairn Energy returns to profit on surging revenues
British oil and gas explorer Cairn Energy on Tuesday announced a return to profit during the first half of 2011 as the company quadrupled revenues thanks to higher oil prices and increased production.
Cairn, which is selling most of its Indian unit to miner Vedanta, said that profit after tax stood at $371.5 million (258 million euros) in the six months to June 30 compared with a net loss of $12.6 million in the first half of 2010.
Group revenue surged to $1.3 billion from $333 million.
© 2011 AFP