Anheuser-Busch IInBev, makers of Corona beer has reported a $170 million (£132 million) loss in profit since the outbreak of Coronavirus.
The brewing giant is the world’s biggest brewing giant and is also behind the Budweiser and Stella Artois brands.
It forecast that its first quarter earnings will tumble by about 10 per cent after the virus saw demand slump in China.
The outbreak also coincided with the Chinese New Year, sending the company’s shares 8 per cent lower.
AB InBev estimates the earnings hit across China after seeing around $285 million (£221 million) of lost sales in the first two months of 2020 alone due to Covid-19.
The Belgium-based group said: “The impact of the Covid-19 virus outbreak on our business continues to evolve.
“The outbreak has led to a significant decline in demand in China in both on-premise and in-home channels.
“Additionally, demand during the Chinese New Year was lower than in previous years as it coincided with the beginning of this outbreak.”
608 total views, 1 views today