Chilean salmon farmer Multi X posted sharply lower earnings last year as the company struggled with higher costs.

Feed costs in particular contributed to the loss, a spokesperson told IntraFish, noting that they had risen 50 percent since before the COVID-19 pandemic.

Under fair-value adjustment, pre-tax earnings was at $19.6 million (€18.2 million), the spokesperson said. That compares with a pre-tax profit under fair value of $68.9 million (€62.4 million) for 2022.

Earnings before interest, taxation, depreciation and amortization (EBITDA) was $74 million (€68.9