Danish feed group BioMar saw earnings sink nearly 60 percent in the first quarter of the year, as its decision to suspend trading in Russia in response to the war in Ukraine began to bite.

The group’s earnings before interest, taxes, depreciation and amortization (EBITDA) fell to DKK 54 million (€7.3 million/$7.7 million) in the quarter, compared with DKK 133 million (€17.9 million/$18.9 million) in the same period a year ago, despite revenue increasing 34 percent to DKK 3.03