Icelandic Salmon's numbers jumped in the first quarter, but not for the right reasons

Icelandic Salmon, which controlled by Norwegian group SalMar, reported a significant increase in earnings and revenue during the first quarter, but the reasons behind the rise weren't good.

Fish health issues spotted in the first quarter forced the company to harvest early, boosting first quarter volumes by 94 percent to 6,572 metric tons.

Icelandic Salmon, which operates as Arnarlax, reported a 93 percent jump in operational earnings before interest and taxes (EBIT) to €18.4 million ($20.4 million) and doubled revenues to €68 million ($74 million).