08:44 AM EDT, 05/16/2024 (MT Newswires) -- Dynacor Group ( DNGDF ) on Thursday said its first-quarter profit rose 6.7% as revenue rose to a record.

The company, which operates a merchant gold mill in Peru, said it earned US$4.8 million, or US$0.13 per share, in the period, up from US$4.5 million, or US$0.11, in the year-prior quarter.

Revenue rose 19% to a quarterly record of US$67.7 million from US$57.7 million.

The company's production rose 8.4% to 31,769 gold equivalent ounces in the quarter, up from 29,299 GEOs .

Dynacor ( DNGDF ) said it acquired 43,000 tonnes of ore from artisanal miners for processing at its Veta Dorada mill, up 20% from the first quarter of 2023, with stockpiles ending the quarter at 40 days of production.

The company also said it repurchased 926,800 shares in the quarter under its normal-course issuer bid, up from 29,080 in the year-prior quarter.

Dynacor ( DNGDF ) shares closed unchanged at C$5.42 Wednesday on the Toronto Stock Exchange.