Saudi Electricity Co (SEC), the Gulf's largest utility by market value, said its net loss rose 25.6 percent in the fourth quarter, worse than analysts had anticipated. SEC made a net loss of 510 million riyals ($136 million) in the three months to end-December, up from a 406 million riyals loss a year earlier, the firm said in a statement posted on the bourse Web site.

Analysts' forecast of Saudi Electricity's fourth quarter loss ranged between 467 million and 31 million, according to a Reuters survey earlier this month. SEC appears to have revised down the net loss figure for the fourth-quarter of 2008 which it initially reported to be 436 million riyals. It said some comparative figures for 2008 have been adjusted to be in conformity with 2009 figures. It did not elaborate.

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