Riyadh-Mubasher: Saudi Electricity Co. (SEC), the state-owned utility, posted net losses of SAR 1.4 billion for the fourth quarter ended 31 December 2015, down 20% from SAR 1.8 billion in the same period a year ago.
The company also reported a 58% year-on-year fall in full-year net earnings to SAR 1.5 billion from SAR 3.6 billion.
The decline in Q4 losses was due to impact of one-off items, SEC said, noting that the full-year profit decrease was due to the fact that FY14 net earnings included debt settlement for which provisions were set aside.
