08:26 AM EDT, 05/13/2024 (MT Newswires) -- Sierra Metals ( SMTSF ) on Monday said its first-quarter adjusted profit fell 8.5% even as revenue rose.

The Latin American miner said its adjusted profit attributable to shareholders, which excludes most one-time items, fell to US$4.3 million, or US$0.02 per share, in the period, down from US$4.7 million, or US$0.03 in the year-prior quarter.

Revenue rose 18% to US$63.14 million from US$53.54.

The company said production from its two mines, in Peru and Mexico, rose 21% to 19.97-million copper-equivalent points, from 16.47-million copper-equivalent pounds.

"Operationally, Bolivar had a record quarter of metal production, while at Yauricocha the mine maximized production above the 1120 level as development at depth is progressing on track, which will allow us to reach full capacity in the fourth quarter of 2024," Chief Executive Ernesto Balarezo said in a release.

The company reiterated its 2024 guidance.

Sierra Metals ( SMTSF ) shares closed down $0.01 to $0.79 Friday on the Toronto Stock Exchange.