Your calculation is wrong, you ignore international last year....

Your calculation is wrong, you ignore international last year.

Overall volumes are down 13%.

Revenues are down 7% (less than volumes down, this is a good thing. Also volumes are not down because of any environmental or operational issue. They are down because the company has worked out it will make more if it delays the harvest).

As a result revenue per volume is up 7%

Small harvest = they are allowing fish to mature to larger sizes (in anticipation of higher prices as more shortages on international market). Also it is cheaper (just time consuming) to get to the larger sizes. Most of the cost of feed is in the first year.

The value of the stock in the pen's has increased, and the costs of processing are fixed, so when they harvest it is going to be bonanza profit!