11:44 AM EDT, 05/13/2024 (MT Newswires) -- K92 Mining ( KNTNF ) on Monday reported lower first-quarter net income despite a 48% increase in revenue on higher production from its Kainantu mine in Papua New Guinea.

First-quarter net income came in at US$3.1 million, or US$0.01 per share, down from US$5.0 million, or US$0.02 per share. Revenue rose to US$59.8 million from US$40.4 million.

Production also increased 39% to 27,462 ounces gold equivalent from 21,488 ounces gold equivalent. The company sold 27,996 gold ounces, up from 17,602 gold ounces.

"During the first quarter, K92 delivered strong financial results and above-budget production, even with the temporary suspension of underground operations for the last 22 days of March following a non-industrial incident," said K92 chief executive John Lewins.

K92 shares were last seen down $0.33 to $7.69 on the Toronto Stock Exchange.

Price: 7.69, Change: -0.33, Percent Change: -4.11