Salmon farmer Norway Royal Salmon (NRS) posted subdued earnings for the first quarter on Wednesday, citing biological challenges and early harvests.

The numbers are estimates, and final numbers will be presented in the group's official report on May 25, but NRS is expecting to post an operational earnings before interest and taxes (EBIT) of NOK 115 million (€11.3 million/$11.9 million) for the first quarter due to "a low price achievement in the quarter and certain non-recurring costs."

NRS said it experienced more biological challenges with winter wounds than normal in its Norwegian operations, and for welfare reasons chose to accelerate harvests of the affected fish.

"This has resulted in a low superior share of fish and lower price achievement than the prevailing market prices might suggest," the company said.

NRS is also reducing the projected harvest volume in Norway for 2022 from 35,000 metric tons to 32,000 metric tons gutted weight.

The full report will be released on May 25.

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