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LONDON (AP) -- Cairn Energy PLC said Tuesday it swung to a profit in the first half of the year after the company after the company sold shares in its Indian business. The net profit for the six months through June 30 was $1.4 billion (1.01 billion euros), compared to a loss of $5.7 million in the same period a year earlier, the company said in a statement. Still, sales slipped 10 percent to $1.4 billion (1.01 billion euros). "The group continues to be well placed financially with a strong balance sheet, (and) positive operating cash flows," the company said. Cairn raised $1.4 billion in India's second-largest initial share offering last December. Cairn shares gained 5 percent to 1,875 pence ($38.04; 27.60 euros) on the London Stock Exchange.
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