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Maxim Power posts surge in Q2 net income


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Maxim Power posts surge in Q2 net income

Maxim Power Corp. booked C$40.0 million, or 73 Canadian cents per share, in second-quarter 2017 net income attributable to shareholders, compared with a net loss attributable to shareholders of C$8.3 million, or 15 Canadian cents per share.

The result reflects a C$33.8 million gain on the sale of the company's 100% ownership interest in Maxim Power (USA) Inc. to an affiliate of Hull Street Energy LLC.

Net loss attributable to shareholders from continuing operations increased to C$10.5 million, from a loss of C$6.8 million in the same period of 2016, results released Aug. 10 showed.

The increased loss was primarily due to asset impairment charges recognized in intangible assets and property, plant and equipment in 2017, partially offset by lower operating costs as a result of the temporary suspension of operations at the 150-MW coal-fired HR Milner Generating Station (M1), and recoveries from the final resolution of the cooling tower claims, according to an Aug. 10 earnings release.