Iceland Seafood International (ISI) saw its first quarter earnings battered as it fought “extreme” and “rapid” price increases across its business segments largely driven by strong demand and unstable supply.

Overall, the group posted a net loss of €700,000 ($738,142) in the quarter compared to a €2.7 million ($2.8 million) profit in the same period a year ago. This is despite revenue increasing 11 percent to €115.9 million ($122.2 million).

Normalized profit before tax (PBT) managed to break even in the quarter compared with a €3.7