08:06 AM EDT, 08/29/2024 (MT Newswires) -- Serabi Gold ( SRBIF ) shares rose 2.9% early on Thursday after the gold mining and development company said second-quarter net profit and revenue increased.

At last look, the shares rose to 69.95 British pounds in U.K. trading.

The Brazilian focused gold mining and development company's net profit rose to US$5.6 million, or US$0.0737 per share, from US$3.5 million, or US$0.0464 per share.

Revenue rose to US$22.4 million from US$17.1 million as average gold prices received increased to US$2,339 per ounce from US$1,980 per ounce.

"EBITDA of US$8.3 million for the latest quarter is up 76% on the first quarter of 2024 and has resulted in a year-to-date EBITDA of US$13.0 million," CEO Clive Line said.