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Brazil focused gold miner Serabi Gold said its first-quarter profits fell, partly owing to a mill outage.
Net profit for the three months through March declined to $0.77m, down from $1.55m on-year.
Revenue slipped to $13.1m, down from $17.1m, even as the company achieved a higher gold price.
Serabi said the lower revenue reflected sales of gold inventory realised a year earlier and lower production resulting from a mill stoppage in February.
Chief financial officer Clive Line said the second quarter had began well, with the gold price and exchange rate expected to provide support going forward.
'We have a number of challenges ahead of us, but our workforce has already shown remarkable flexibility and commitment, and this gives me good reason to be cautiously optimistic for the coming months,' he said.