Salt Lake-based MK Gold Co. on Friday reported net income of $201,000, or 1 cent per share, for the year ended Dec. 31. That compares with a net loss of $153,000, or zero cents per share, for the previous year.

The company said the net income increase was due primarily to a gain on the exchange of a partnership interest of $1.9 million and a gain on the sale of securities of $498,000.

Revenues totaled $1.4 million, down from $4.8 million. Sales revenue was down due to declining gold production, partially offset by higher realized gold prices, the company said. Revenue will fall significantly until residual gold production ceases at the company's Castle Mountain Mine, which is expected to occur in midyear. Once that residual gold production ceases, the company will have no revenues until production begins at its Las Cruces project, it said.

MK Gold's stock rose 30 cents, or almost 11 percent, Monday to close at $3.05 per share. During the past year, the price has ranged from 43 cents to $3.20.