Saudi Electricity Co (SEC) said on Thursday its net loss for the fourth quarter narrowed by 39 percent as it did not repeat costs aimed at improving productivity incurred in the same quarter last year.

The firm lost 661 million riyals ($176 million) in the three months to December 31, compared to 1.1 billion riyals during the same period of the previous year, it said in a bourse statement.

KSB Capital Group had forecast that SEC would record a net loss of 1.12 billion riyals for the quarter, while NCB Capital forecast it would lose 641 million riyals.

The company said its net profit for the 12 months of 2013 was 3.04 billion riyals, up 18.6 percent from 2.56 billion riyals in 2012, citing a one-off payment to settle a dispute with the national oil company it received in the second quarter for the rise.

SEC is planning a riyal-denominated Islamic bond issue later this year, but it has not yet said how much the issue will be worth. - Reuters