Norway-based salmon farmer Grieg Seafood saw earnings nosedive in the third quarter, as biological challenges took a huge toll.

Results had been predicted to be down, but the fall was further than expected.

Operational earnings before interest and tax (EBIT) plummeted to a loss of NOK 86 million (€7.2 million/$7.7 million) compared to profit of NOK 145 million (€12.2 million/$13.1 million) in the corresponding period last year.

Sales revenue was down almost a third to NOK 1.2 billion (€98 million/$104.8