21st Oct 2015 12:44
LONDON (Alliance News) - Vedanta Resources PLC on Wednesday said that its subsidiary, Cairn India Ltd, reported lower net revenue and profit in the second quarter year-on-year.
Cairn India reported profit after tax of USD104 million on net revenue of USD345 million, drops of 72% and 47% year-on-year.
Earnings before interest, tax, depreciation and amortisation in the quarter came in at USD149 million, against the USD446 million recorded a year earlier.
The results statement for the quarter ended September 30 said the fall in revenue was mainly due to the decline in crude oil prices.
Shares in Vedanta were flat at 499.00 pence on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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