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Cairn Energy H1 loss before tax $57 million

Staff Writer |
Cairn Energy said that its first-half loss before taxation from continuing operations was $57 million, narrower than last year's loss of $234.7 million.

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Loss for the period attributable to equity holders of the parent was $37.8 million, compared to loss of $230.3 million in the prior year.

Loss per ordinary share was 6.61 US cents, compared to loss of 40.35 US cents in the previous year.

Loss per ordinary share was 6.61 US cents.
The prior year's Cairn India Limited or CIL investment and impairment was $168 million and oil and gas asset sales and impairment was $32 million. Operating loss, however, widened to $56.1 million from prior year's loss of $50 million.

In the first half, operational and administrative expenses declined to $37 million from last year's $86 million.

Cairn said it is currently unable to access the value of its ~10% residual shareholding in CIL valued at $383 million as of June 30, or accrued dividend payments of $50 million.

Further, the company said that international arbitration proceedings have commenced in respect of Cairn's claim under the UK-India Bilateral Investment Treaty.

Cairn is seeking restitution for losses resulting from the attachment of its shares in CIL and failure to treat Cairn and its investments fairly and equitably.

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