Riyadh – Mubasher: Saudi Electricity Co., a state-owned utility, posted SAR 1.9 billion in net loss for the first quarter of 2015, a surge of 112.5% from SAR 913 million net loss logged in the same period a year ago.

The surge in net losses year-on-year were attributed to higher cost of purchased energy, in addition to the rise in other expenses.

Meanwhile, net losses deepened quarter-on-quarter due to seasonal factors, as the company revenues increase during summer and decrease in winter.