Dynacor doubles revenues, expects to produce 45,000oz in 2011
Dynacor Gold Mines more-than-doubled its sales revenues in the first quarter, prompting the gold mining and exploration company to release an upbeat full-year production outlook. For the first three months of the year, the Peru-focused company posted revenues of $14.7 million, compared to $6.1 million in the prior year period. Dynacor also sold 10,083 ounces of gold during the latest quarter, compared to 5,342 ounces of gold a year earlier.
Due to the January 2011 switch the company made to report according to International Financial Reporting Standards (IFS), Dynacor was subject to a non-cash charge and suffered a $1.3 million loss in net income, or $0.04 loss per share, compared to the first quarter of 2010’s $151,000 net income, or $0.01 gain per share.