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.

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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