Riyadh – Mubasher: Saudi Electricity Company on Tuesday announced that the company swung to loss for the first quarter of 2018.

Year-on-year, the Saudi electric utility's losses amounted to SAR 1.2 billion in Q1-18, against a profit of SAR 4.9 billion in Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).

Losses declined 78% quarter-on-quarter to SAR 1.2 billion in the three-month period ended March 2018, from SAR 5.5 billion in Q4-17, the Tadawul-listed firm said.

The company attributed the losses to the drop in operating revenues due to applying the International Financial Reporting Standards (IFRS 15), at an amount of SAR 349 million, according to the statement.

For the full-year 2017,  Saudi Electricity’s profits hiked 52% to SAR 6.9 billion, from SAR 4.55 billion a year earlier.