The first quarter of 2021 marked another three months of struggle for Norway-based salmon producer Grieg Seafood, with market prices and oversupply hitting earnings.

Earnings before interest, tax, depreciation and amortization (EBITDA) plummeted 77 percent to NOK 71.6 million (€7.2 million/$8.7 million). Sales revenues fell 43 percent to NOK 659.8 million (€66 million/$79.8 million) because of rock-bottom market prices.

Oversupply of downgraded salmon due to winter ulcers in Norway also impacted margins, with the company's EBIT per kilogram sinking to a loss of NOK 1.20