Norwegian cod farmer Statt Torsk halved first quarter losses from a year earlier to NOK 3.7 million (€321,509/$351,381) despite prices falling below expectations.

This came as the company posted a more than four-fold increase in revenue to NOK 36.6 million (€3.2 million/$3.5 million).

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Statt Torsk harvested 1,086 metric tons of cod during the quarter, attracting average prices of NOK 36 (€3.13/$3.41)/kg.