Norwegian aquaculture and fishing giant Leroy Seafood Group saw its operating profit climb 11 percent in the first quarter of 2023 but still lamented a “challenging situation in the farming segment.”

Leroy, which has a presence in both wild whitefish harvesting and salmon and trout farming, posted operating earnings before interest and taxes (EBIT) of NOK 989 million (€85.6 million/$93.3 million) in the quarter, while the group’s revenue also increased 26 percent to almost NOK 7 billion (€603.4 million/$657.4 million).