According to a statement issued here, ONGC's net profit for the year stood at Rs 2754.49 crore as against Rs 2677.77 crore in the previous year.

While taking into account the audited financial results of the company for the financial year 1998-99, the board of directors of ONGC recommended a 55 per cent dividend for 1998-99 having registered a 2.8 per cent growth in net profit for the year.

Net sales were, however, 1.7 per cent lower at Rs 14,962.97 crore as against Rs 15,228.83 crore while gross profit was Rs 6,772.71, down 4.9 per cent from Rs 7,124.02 crore a year earlier.

Other income for the year was Rs 988.37 crore while total expenditure stood at Rs 8348.23 crore. ONGC's statement said that during the year, the prices of liquified petroleum gas (LPG) and natural gas liquified (NGL) and pipeline transportation rates wererevised upwards with retrospective effect resulting in recognition of additional revenue of Rs 447.13 crore due to arrears upto March 31, 1998. The previous year's revenue also includes arrears of Rs 819.68 crore.