RIYADH, 19 April 2004 — Saudi Electricity Co. (SEC) made a net loss of SR321 million ($85.6 million) in the first quarter of 2004, down from SR338 million in the same period last year, it said yesterday. SEC, Saudi Arabia’s third largest listed firm, said operating income rose 2.5 percent to SR3.24 billion and operating expenses rose two percent but it gave no figure. SEC, which made a 2003 net profit of SR1.49 billion, is a merger of 10 Saudi power firms. It has a market capitalization of SR94.9 billion, or 12.8 percent of total capitalization.