22nd Apr 2016 17:57
LONDON (Alliance News) - Vedanta Resources PLC's Cairn India Ltd subsidiary on Friday said its fourth-quarter net loss widened year on year.
Cairn India made a Rs 10,948 crore net loss in the three months ended March 31, widening from Rs 241 crore the corresponding quarter a year earlier.
For the year ended March 31, Cairn India made a net loss of Rs 9,432 crore, versus a profit of Rs 4,480 crore a year earlier. Exceptional items for the year amounted to Rs 11,674 crore primarily on account of impairment of goodwill due to a significant decline in oil prices.
"The Cairn team has delivered a resilient performance in a challenging year. Drive for cost efficiency and rationalization of capital investment have aided free cash generation despite crude prices plummeting to a 12 year low. We are delighted to recommend a dividend of Rs 3 per Equity share for the year," Mayank Ashar, Managing Director and CEO of Cairn India, said.
By Samuel Agini; [email protected]; @samuelagini
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