Lower prices and higher costs proved to be a bad combination for salmon farmers in the second quarter.
"We started with record high prices at the beginning of the year. I thought this was going to be another fantastic year for Mowi and the rest of the salmon industry, but the pandemic has definitely ruined the party," Mowi CEO Ivan Vindheim said.
Mowi halved its result, cut dividends and at announced that if production is not streamlined and earnings increased, the number of employees will have to be reduced by 10 percent by 2024 to cut costs -- roughly 1,500 employees.
