Oil firm sees profits dive 40%

High-flying oil and gas explorer Cairn Energy today blamed the weak US dollar for a 40% fall in interim pre-tax profits to £22.9 (€33.7m).

Cairn, expected to be promoted to the prestigious FTSE 100 Index of top flight firms today after several company-transforming oil finds, said the dollar’s decline against sterling since last year had a “huge impact” on turnover, which fell 22% to £61.1m (€89.9m).