19 April 2012
RIYADH: Saudi Electricity Company (SEC) announced yesterday it suffered a huge loss of SR583 million in the first quarter of 2012, the Saudi Press Agency reported.

The company said the amount was 25 percent less than the losses it incurred during the same period in 2011, when the losses reached SR773.7 million.

It said the company's net losses in the first quarter of 2011 amounted to SR514 million.

"Operation losses during the third quarter of 2012 reached SR597 million, which is 32 percent less than the operation losses during the same period in 2011," SPA said quoting a company statement.

The company attributed the fall in losses to the revenues it made from selling electricity.

© Arab News 2012