Marine Harvest, the Norway-based seafood group, booked higher first-quarter sales and earnings on the back of buoyant prices in Europe and Asia.

The company said “record-high prices” in the regions were helped by high demand and reduced supply.

reported an operational EBIT of EUR111.9m (US$127.6m) for the three months to the end of March, compared to EUR95.3m a year earlier.

The metric excludes factors like unrealized gains or losses from salmon derivatives, restructuring costs, income from associated companies and, notably, the net fair value adjustment on biomass.

Marine Harvest’s reported EBIT and net income were up sharply year-on-year, helped by an EUR88m gain on the net fair value adjustment on biomass. In last year’s first quarter, the company made a loss on this line of EUR73.2m.

The group’s EBIT stood atEUR192.7m, versus EUR29m in the first quarter of 2015. Marine Harvest’s net profit was EUR128m, up sharply from the EUR38m it generated a year earlier.

The company booked operational revenue of EUR809.5m, against EUR735.3m in the first quarter of 2015.