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

Net sales was, however, 1.7 per cent lower at Rs 14962.97 crore as against Rs 15228.83 crore while gross profit was Rs 6772.71, down 4.9 per cent from Rs 7124.02 crore a year earlier.

Other income for the year was Rs 988.37 crore while total expenditure stood at Rs 8348.23 crore.

An ONGC statement said during the year, the prices of liquified petroleum gas (LPG) and natural gas liquified (NGL) and pipeline transportation rates were revised upwards with retrospective effect resulting in recognition of additional revenue of Rs447.13 crore due to arrears upto March 31, 1998. The previous year's revenue also includes arrears ofRs. 819.68 crore.