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Rising costs widen SEC’s Q1 losses

: Tuesday, April 22 - 2014 @ 10:01

Saudi Electricity Co (SEC) has posted a significant widening of its net loss for the first quarter, as the utility saw costs increase and the value of some of its fixed assets decline, Reuters has reported. SEC lost SR913m ($243.4m) during the three months to March 31, compared with SR657m during the same period of the previous year, it said. SEC’s results are highly seasonal due to 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.

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Tuesday, April 22- 2014 @ 10:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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