As per the company's audited accounts approved by the board of directors in Delhi on Thursday, it recorded sales of Rs 143.69 crore last year, an increase of 25.54 per cent over Rs 114.45 crore in 96-97.

Briefing newsmen here on Friday, managing director FB Virani said operating profits during the year stood at Rs 41.45 crore (a rise of 8.21 per cent over Rs 38.31) and a net profit of Rs 4.77 crore -- after absorbing Rs 36.68 crore `provisions' for possible future liabilities, interest, depreciation and tax.

He said the provisions have been made as a prudent measure, incorporating best accounting practices and transparency, after the British Gas International, India, had acquired 60 per cent shares in Gujarat Gas from Arvind Mafatlal Group last year. He claimed that the company's cash flowremained unaffected despite steep growth projections.

Chairman of the reconstituted Gujarat Gas board of directors Edward M Trafford had gone on record to state: "The underlying strength of the company was recognised by obtaining AA rating for its Rs 80 crores non-convertible debentures issued in December. It was oversubscribed within a few days."

In the last financial year, Gujarat Gas had enhanced customer base by 12,000 domestic customers to 90,000, by 48 industrial customers to 1,300 and by 210 commercial customers to 340 -- mostly in the Hazira-Surat-Broach-Ankleshwar belt. At present, GCCL distributed 7.7 lakh cumpd natural gas through 1,038 km of pipelines. The entire LNG was sourced from the adjacent ONGC offshore and GSPC fields.

Enlisting the British Gas International's future plan in India, its assistant manager Kevin Wearing said the gas supply was proposed to be increased to 1.47 million cumpd by March 1999 and 5.07 million cumpd by March 2004. However, he said, over 75 per cent of the LPGis to be met through imports.

He said the 2.5 million tonnes per annum LNG import terminal being developed at Pipavav at a cost of US$ 400 million was likely to be commissioned by 2002. While British Gas would hold 52 per cent the equity in the project, Gujarat Pipavav Port Limited (GPPL) the balance 48 per cent.

Wearing said that a MoU had been signed between British Gas UK Holdings Ltd and Yemen LNG Compnay Ltd (YLNG) last month for supplying LNG from Yemen to Pipavav. An export terminal is being developed at BalHaf on the southern coast of Yemen. He said that an LPG import terminal was also being developed at the wesrternmost port of Okha in a joint venture with Bharat Petroleum Corporation.