New Delhi: Cairn India reported its biggest quarterly loss of Rs 10,948 crore in the quarter ended March 31 mainly because of impairment loss on goodwill and non-producing oil and gas assets due to drop in oil prices.
“Due to decline in crude oil prices in the international market, the Group has recorded an impairment on the carrying value of goodwill and some of its non-producing oiland gas assets aggregating to Rs 11,389.63 crore and Rs 284.17 crore respectively,” it said.
Cairn said the impairment of Rs 11,674 crore largely reflects the lower crude price, prevailing discount on oil produced from Rajasthan block as well as adverse long term impact of revised cess. Production dipped 8% to 206,170 barrels of oil and oil equivalent gas in the fourth quarter. -PTI
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