Russia’s fishing industry faced a sharp decline in earnings last year despite growth in revenue, the country’s federal fishery agency, Rosrybolovstvo, announced last week.

Preliminary data show sales in the fisheries, aquaculture and seafood processing industry grew 7 percent to RUB 866 billion (€10 billion/$10.8 billion). However, profit plummeted 32 percent to RUB 158 billion (€1.8 billion/$1.9 billion).

Rosrybolovstvo blamed the weak financial results in part on inflation, as the cost of repairing ships, purchasing spare parts and importing components increased significantly.