05:38 PM EDT, 07/25/2024 (MT Newswires) -- Eldorado Gold ( EGO ) on Thursday said its second-quarter profit rose nearly seven fold on higher gold production and improved prices.

The company said its adjusted profit rose to US$66.6 million, or US$0.33 per share, in the period, up from $9.7 million, or $0.05, in the year-prior quarter.

Revenue was US$297.1 million in the quarter, an increase of 30% from US$229 million, primarily due to the to a 20% rise in its average gold price to US$2,336 per ounce.

Gold production rose 12% to 122,319 ounces in line with expectations for the quarter. .

"Operationally, the second quarter was aligned with guidance, driven by higher grades at Kisladag, Lamaque and Efemcukuru," chief executive George Burns said in a release in a statement. "With production totalling 239,430 ounces through the first half of the year and unit costs expected to decrease over the second half of the year, we remain on track to achieve 2024 guidance."

The company's shares closed down $0.84 to @1.69 on the Toronto Stock Exchange.