Cairn Energy Swings To First-Half Profit

Cairn Energy PLC CRNCY swung to a first-half profit on Tuesday. Cairn Energy reported its profit attributable to equity holders at $371.5 million, versus a loss of $12.6 million, in the year-ago period. Its revenue jumped to $1.34 billion from $332.6 million. Its production surged to 77,056 barrels of oil equivalent per day, from 32,866 barrels a day, in the year-ago period. Cairn's operating profit for the period climbed to $750 million from $94 million. Cairn Energy shares gained 2.71% to close at $9.48 yesterday.