SEC loses over $500mn in the first quarter
Saudi utility sees deficit more than double in the three months to 31 March.
Saudi Electricity Co (SEC) tumbled to a net loss of over $500mn in the first quarter, more than double the deficit recorded during the same period of 2014.
It lost SAR 1.94bn ($517.4mn) during the three months to March 31, compared to a loss of SAR 913mn in the first quarter of 2014, it said in a bourse statement Tuesday.
SEC cited the cost of implementing an order from the electricity regulator on power usage by top manufacturers, as well as other expenses, for the decline in earnings, Reuters reported.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
During the first quarter, the firm paid SAR 545mn to employees in bonuses as part of a scheme to celebrate the Saudi royal succession.
SEC's results are highly seasonal because of the big swing between power demand in winter and in summer, when high temperatures lead most homes and businesses to rely on extensive air conditioning.