Gigante Salmon reported first-quarter operating revenues of NOK 72.5 million (€6.60 million) and an operating loss of NOK 12.0 million (€1.09 million), according to its quarterly report published on Tuesday.
The land-based salmon farmer said operating profit would have been positive at NOK 4 million (€0.36 million) excluding biomass impairment.
Harvest volumes in the quarter totalled 930 tonnes head-on gutted (HOG). Average harvest weight was 2.84 kg, while the achieved average sales price was NOK 78 per kg (€7.10 per kg).
Superior share was 76%, which the company said was below target but in line with historical industry averages for comparable periods.
Total biomass at the end of March stood at 2,700 tonnes, comprising 985 tonnes from the Autumn 2024 generation and 1,715 tonnes from Autumn 2025.
Gigante said the Autumn 2025 generation, particularly fish stocked late in November, had been affected by winter ulcers during the quarter. Measures introduced reduced mortality toward quarter-end, although growth for the latest stocked fish remained below expectations.
The Autumn 2024 generation was affected by gill challenges and mechanical damage, impacting robustness, harvest weight and superior share.
During the quarter, the company completed capital increases raising gross proceeds of NOK 400 million (€36.40 million).
As of 31 March, the equity ratio was approximately 65%, with debt ratio of 35% and current ratio of 1.16.
Separately, Gigante said it received the final completion certificate on 24 March from Rødøy municipality for the entire facility at Lille Indre Rosøy, marking the transition from construction to full operations.
Chief executive Kjell Lorentsen said operations were stable in the quarter, with further potential for improvement and optimisation.