Mitsubishi-owned salmon farming group Cermaq reported a sharp decline in earnings for its Norwegian operations in its most recent fiscal results, and COVID-19 impacts are yet to show on the company's books.

Cermaq Norway reported a 16 percent decline in operating profit for the fiscal year that ended March 31, to NOK 1.1 billion (€107.4 million/$127.1 million), despite a more than 33 percent jump in revenues to more than NOK 4.6 billion (€424.7 million/$502 million).

The company's net profit was down 19 percent at NOK 937 (€85.5