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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Capricorn Energy Plc | LSE:CNE | London | Ordinary Share | GB00BRJ7R218 | ORD 735/143P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.40 | 0.78% | 181.40 | 180.20 | 182.20 | 182.40 | 178.80 | 180.00 | 206,429 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 199.9M | -144M | -1.5199 | -1.19 | 170.73M |
From May 2019 to May 2024
By Oliver Griffin
Cairn Energy PLC (CNE.LN) on Tuesday reported a swing to a net loss in 2018 after it was ordered to sell its shares in Vedanta Ltd. (VEDL) by India's Income Tax Department.
The U.K. oil-and-gas company recorded a net loss of $1.14 billion for the year ended Dec. 31, compared with a net profit of $272.8 million in the previous year.
The company is locked in a dispute with the Indian tax authorities. Cairn said that being ordered to sell its shares in Vedanta Ltd. resulted in a $713.1 million loss on derecognition of the asset. The tax authority also seized dividends that were due to the company from its shareholding in Vedanta worth $164 million.
The company is currently waiting on an arbitration decision regarding its dispute the Indian tax authorities. Cairn said it is claiming compensation of $1.4 billion.
Revenue for the year soared to $410.3 million from $33.3 million in 2017, Cairn said.
The company said it expects production in a range of 19,000 to 22,000 barrels of oil a day in 2019.
Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin
(END) Dow Jones Newswires
March 12, 2019 03:41 ET (07:41 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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