05:26 PM EDT, 05/07/2024 (MT Newswires) -- Dundee Precious Metals ( DPMLF ) on Tuesday said its first-quarter adjusted profit fell 10% on lower revenue.

The company said its adjusted profit, which excludes most one-time items, fell to US$41.4 million, or US$0.23 per share, from US$46.1 million, or US$0.24, in the year-prior quarter. The result topped the consensus estimate for the measure of US$0.20 per share, according to Capital IQ.

Revenue fell 2.1% to US$123.8 million from US$126.4 million

The company said it produced 62,727 ounces of gold and 6.7 million pounds of copper in the quarter, in line with its expectations.

"DPM is off to a solid start in 2024... a result of our strong production, low cost structure and the benefit of higher metal prices improving our already robust margins," chief executive David Rae said in a statement. "We have continued to fast-track the Coka Rakita project in Serbia. The results from the PEA (preliminary economic assessment), which we announced last week, outline a highly attractive project with robust economics and the potential to contribute meaningful high-margin production growth to DPM's portfolio."

The company's shares closed down C$0.02 to C$10.87 on the Toronto Stock Exchange.