04:42 PM EDT, 08/13/2020 (MT Newswires) -- K92 Mining (KNT.V) on Thursday said its second-quarter profit tripled on higher production and improved gold prices.
The company, which operates a Papua New Guinea gold mine, said it earned US$16.9 million, or US$0.08 per share, in the quarter, up from US$5.29 million, or US$0.03. Revenue rose to US$47.86 million from US$23.68 million.
K92's gold and silver production rose 36% to 26,847 gold-equivalent ounces, while its average gold price in the quarter rose 30% to US$1,631 per ounce.
"The second quarter represented another important step forward for Kainantu, achieving record gold production, mill throughput, cash flow generation and a very significant increase to mineral resources at Kora," chief executive John Lewins said in a release.
K92 shares closed up C$0.39 to C$6.89 on the TSX Venture Exchange.
Price: 6.89, Change: +0.39, Percent Change: +6.00