<p>British electricity producer International Power PLC Friday swung to a net loss for the full year, as the U.S. market _ the groups largest in terms of megawatt output _ was hit by depressed power prices and an asset writedown.</p><p>Net loss amounted to 219 million pounds ($328.3 million), against earnings of 113 million pounds a year earlier.</p><p>The main culprit was the U.S. operations, as the company decided to write down their book value by 404 million pounds ($605.6 million) to 600 million pounds ($899.4 million.)</p><p>Pretax loss was 184 million pounds, compared with a pretax profit of 195 million pounds in 2002. Sales for the year, meanwhile, rose 13 percent to 1.27 billion pounds ($1.58 billion).</p><p>Company executives made it clear that a recovery in the U.S. market _ supplier of 30 percent of the companys revenue _ is their chief priority.</p><p>We are focused on finding a solution that provides value for our shareholders, said Philip Cox, the companys third chief executive officer in less than two years.</p><p>He forecast cost savings at U.S. operations between $12 million to $15 million in 2004, largely coming from reduced property taxes at its recently mothballed Hays power plant in Texas.</p><p>Other U.S. power plants include Milford and Blackstone in Massachusetts and Hartwell in Georgia.</p><p>Aside from the United States, International Powers earnings performance during 2003 was relatively healthy. On a pretax basis, excluding exceptional items, the company recorded gains in Europe and the Middle East. Asian and Australian locations were lower.</p><p>International Powers American depositary shares traded at $26.15, up $1.65, or 6.7 percent Friday morning on the New York Stock Exchange.</p>
