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Maxim Power swings to profitability in Q2, resumes operations at Milner facility

Maxim Power Corp. on Aug. 9 reported second-quarter net income attributable to shareholders from continuing operations of C$2.8 million, rising from a net loss attributable to shareholders from continuing operations of C$10.5 million in the same quarter of 2017.

The company attributed the increase to higher revenue from the resumption of operations at the 150-MW coal-fired HR Milner Generating Station (M1), lower personnel costs at the corporate head office, lower restructuring costs, and the recognition and derecognition of future tax assets and liabilities, respectively.

On June 13, the Milner facility started producing power for the first time since April 2017. The company continues to monitor settled and forward power and natural gas prices and expects generating electricity at Milner for at least the remainder of 2018.