Mowi's Chilean operations more than halved operational earnings before interest and taxes (EBIT) in the first quarter, dragged down by lower demand and prices in key markets linked to the the COVID-19 pandemic.

EBIT dropped to €7.8 million ($9.5 million), down from €16.6 million ($20.3 million) a year earlier.

The continuing weakness in the North American foodservice sector led to prices being around 10 percent below expectations and 9 percent below reference prices in the same quarter last year.

Prices in the Brazilian market also were weak, the result of lower demand and impacts from quality downgrading, Mowi CEO Ivan Vindheim said during Mowi's first quarter earnings call.