PROFITS at Cairn Energy's former Indian subsidiary fell by more than 50 per cent in the latest quarter reflecting the sharp fall in the oil price.
Cairn India made 13.5 billion rupees (£145m) profit after tax in the three months to December, compared with 28.8bn rupees in the same period in the preceding year. Edinburgh-based Cairn Energy retains a 10 per cent holding in the Indian firm. It has been prevented from selling this pending resolution of a tax dispute in the country. Renowned for making bumper finds in India, Cairn says it has paid all taxes due in the country.
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