Mowi, the world's largest salmon farmer saw operational earnings before interest, tax, demortization and amortization (EBITDA) plummet 35 percent to €121.5 million ($141.4 million) as pandemic restrictions and seasonal high salmon supply lowered prices.
Operational revenues reflected the price reduction, falling 6 percent to €958.2 million ($1.1 billion) despite an 8 percent increase in harvest volumes to 125,773 metric tons.
"Our operations have been running close to normal despite further COVID-19 restrictions in the quarter. However, the pandemic still impacts out-of-home consumption to a large degree, and although retail sales are strong, our earnings are impacted by falling prices as a result of lower net demand," said Mowi CEO Ivan Vindheim.
