Corona Beer Hit By A £132 Million Loss In Profits Following CoronaVirus Outbreak
In the last two months since coronavirus has been spreading throughout China, the company has suffered a $170m (£132m) loss in of earnings in the country, at at time when they were expecting strong sales because of lunar new year.
According to Bloomberg, the disease has wiped around $170m off Anheuser-Busch InBev earnings in China for January and February, and $285m (£221m) off revenue. Anheuser-Busch InBev is the world’s biggest brewer and is behind the Corona, Budweiser and Stella Artois brands.
Virus outbreak saw demand slump in China as it also coincided with the Chinese New Year, sending its shares 8 per cent lower. AB InBev has estimated the earnings hit across China after seeing about $285million (£221m) of lost sales in the first two months of 2020 alone due to coronavirus, also known as Covid-19.