Norwegian salmon giant Mowi saw earnings for its value-added processing division shrink by more than 26 percent in the fourth quarter, as raw material prices continued to take their toll.

The quarter formed part of “the best year ever” for Mowi's downstream operations with record-high earnings of €95.5 million ($108.5 million) – up 17 percent on 2020.

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Despite the fourth quarter drop, earnings were still strong, with the division netting €25.6