August 13, 2009 / 10:40 PM / 9 years ago

UPDATE 1-Maxim Power narrows Q2 loss; lowers full-year outlook

* Q2 loss C$0.08/shr vs loss of C$0.14/shr yr-ago

* Revenue up 27 pct

* Cuts profit view by more than half for 2009

Aug 12 (Reuters) - Canadian power producer Maxim Power Corp (MXG.TO) narrowed its second-quarter loss, but slashed its full-year earnings forecast, citing reduction in electricity prices in Alberta and reduced margins in the United States.

The Alberta-based company now expects earnings of C$7.8 million, or 14 Canadian cents a share. It had previously pegged its earnings at C$14.5 million, or 27 Canadian cents a share.

For the second-quarter, net loss was C$4.3 million ($3.95 million), or 8 Canadian cents a share, compared with C$6.1 million, or 14 Canadian cents a share, a year earlier.

Maxim said average power price in Alberta had more than halved to C$33 per megawatt hours in the last one year.

Revenue rose about 27 percent to C$18.85 million.

Shares of Maxim Power closed at C$2.61 Thursday on the Toronto Stock Exchange. They have fallen over 50 percent in the past one year. ($1=1.088 Canadian dollar) (Reporting by Amit Kumar in Bangalore; Editing by Anil D’Silva)

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