11:51 AM EDT, 08/29/2024 (MT Newswires) -- Serabi Gold ( SRBIF ) shares were last seen up 4.2% on Thursday after the gold mining and development company said its second-quarter profit and revenue rose.

The Brazil-focused gold mining and development company's profit rose to US$5.6 million, or US$0.07 per share, from US$3.5 million, or US$0.05, in the year-prior quarter.

Revenue rose to US$22.4 million from US$17.1 million as its average gold price rose 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," chief executive Clive Line said.

Serabi's shares were last seen up $0.05 to $1.25 on the Toronto Stock Exchange.

Price: 1.25, Change: +0.05, Percent Change: +4.17