Saudi Electricity Co (SEC) made a net loss of 321 million riyals ($85.6 million) in the first quarter of 2004, down from 338 million riyals in the same period last year, it said on Sunday.
SEC, Saudi Arabia's third largest listed firm, said operating income rose 2.5 percent to 3.24 billion riyals and operating expenses rose two percent but it gave no figure.
"The first quarter loss was due to seasonal changes in sales as they fall during the winter season and rise sharply during the summer season," the firm said in a statement posted on the Saudi bourse Web site.
SEC, which made a 2003 net profit of 1.49 billion riyals, is a merger of 10 Saudi power firms. It has a market capitalisation of 94.9 billion riyals, or 12.8 percent of total capitalisation.
The desert kingdom is planning to build several power plants and expand existing ones to meet electricity demand from its rapidly growing population of 24 million.