Norwegian giant Mowi, the world’s largest salmon producer, saw earnings at its value-added processing (VAP) division sink by more than a third in the first quarter, amid high prices and lower demand.

The Consumer Products division made an operational profit of €21.2 million ($22.1 million) in the quarter, down 34 percent from a “pandemic-boosted” €32.2 million ($33.6 million) last year, due to higher price volatility and lower volumes, said Ivan Vindheim, CEO of Mowi, during the company's first quarter presentation.