Norwegian seafood company Lerøy Seafood Group has seen first-quarter profits plummet amid “substantially lower prices” for its main products, Atlantic salmon and salmon trout.

Operating profit, before fair value adjustment of biomass, totalled NOK103.2m (US$17.3m) in the first three months of 2012, down from NOK445.8m in the comparable period of last year.

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Net profit was NOK130.3m, against NOK361.6m in the first quarter of 2011.

The company said profits were hit by lower salmon and trout prices and NOK50m in write-offs and other costs related to the closure of Lerøy Hydrotech’s slaughterhouse in Kristiansund.

Sales declined to NOK2.16bn, down from NOK2.22bn last year, Lerøy added.

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