Drain the maraschino cherries very well, reserving the juice. Finely chop the cherries.
In a medium bowl, combine the sugar, milk, oil, egg, and almond extract.
In a large bowl, combine the flour and baking powder.
Add the wet ingredients to the dry ingredients, and stir until just combined.
Fold in the chopped cherries.
Pour the batter into a well-greased 9x5-inch loaf pan.
Bake at 350 degrees for 45-55 minutes, or until edges are golden brown, and a toothpick inserted near the center comes out clean.
Cool for 20 minutes, before removing bread to a wire rack to cool completely.