Cairn India Q2 net loss at Rs 71.4 cr

New Delhi, July 30 (UNI) Cairn India today posted a net loss of Rs 71.4 crore for the second quarter ended June 30, 2007 as against a profit of Rs 37.6 crore during the corresponding quarter a year ago.

The company said it incurred a loss of Rs 140.5 crore during the quarter due to a stronger rupee as its foreign subsidiaries held deposits in dollars, intending to use them for capital imports.

Cairn India, which listed on the BSE in January, said as it was incorporated last August there were no comparable figures for the year-ago period.

The company intends to produce oil from its Rajasthan block in 2009, and Cairn India said it continued to place orders to set up crude oil processing facilities.

''We are confident that the government will support the proposal for Cairn India to build a pipeline to transport crude oil from Rajasthan,'' chief executive Rahul Dhir said in a statement.

Our target for first oil remains 2009 and we continue to place orders for long lead items for the Mangala processing facilities, he added.

UNI