08:28 AM EDT, 08/15/2024 (MT Newswires) -- Dynacor Group ( DNGDF ) on Thursday said its second-quarter profit edged higher as higher gold prices offset lower production from its merchant gold mill in Peru.

The company said it earned US$4.5 million, or US$0.12 per share in the period, up from US$4.48 million, or US$0.12, in the year-prior quarter.

Revenue rose 4.6% to US$67.43 million from US$67.47 million.

Dynacor ( DNGDF ) said its mill processed less ore with weaker grades of gold in the quarter, producing 28,364 gold-equivalent ounces in quarter, down from 32,693 GEOs a year earlier. While it did not disclose its average gold price for the period, it said higher prices for the precious metal bolstered revenue by US$10.5 million.

The company's shares closed unchanged at $5.08 Wednesday on the Toronto Stock Exchange.