Publication Date:
Thu, 2005-04-21 03:00
RIYADH, 21 April 2005 — Saudi Electricity Co. (SEC) said yesterday it narrowed its first-quarter net loss by five percent to SR303 million ($80.8 million). SEC said in a statement posted on the Saudi bourse website operating income rose four percent to SR3.36 billion and operating expenses increased three percent but gave no figure.
The firm said the net loss was due to seasonal changes in electricity sales, which fall in winter and climb steeply in summer.
Shareholder equity increased three percent to SR1.21 billion. SEC is Saudi Arabia’s fourth largest listed firm in terms of capitalization and posted net profits of SR1.42 billion for 2004.
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