05:28 PM EST, 03/07/2024 (MT Newswires) -- Ero Copper ( ERO ) shares slipped 0.9% in after-hours New York trading after the company on Thursday said its fourth-quarter adjusted profit fell 6.8%, missing expectations, on lower production as its Tucuma copper project nears completion..

The Brazilian miner said its adjusted profit, which excludes one-time items, fell to US$20,7 million, or US$0.21 per share, in the period, down from US$22.2 million, or US$0.24, in the year-prior quarter. The result was well below the average analyst estimate for the measure of a US$0.32 per share adjusted profit, according to Capital IQ.

Net income, including items, rose 64% to US$36.5 million, or US$0.37, from US$22.2 million, or US$0.24.

Ero's revenue in the quarter edged down to US$116.4 million from US$116.7 million.

Copper sales fell 14% to 11,429 tonnes, while gold production rose 43% to 16,868 ounces.

The company said construction of its Tucuma project is 90% complete and copper production is expected to begin in the second half of 2024. Its budget remained unchanged at US$310 million.

"The most significant transformation in our consolidated production profile and cash flows is projected to begin in the second half of this year when production is scheduled to commence at the Tucuma Project. With physical completion at over 90% and capital expenditures on the project starting to wind down, we are approaching an exciting inflection point when we expect to see these investments begin to yield strong shareholder returns," chief executive David Strang said in a release.

Ero shares were last seen down US$0.15 to US$17.33 after hours. They closed down C$0.35 to C$23.54 on the Toronto Stock Exchange.