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Home » World » Coronavirus Outbreak: Owners of Corona beer report losses worth $170 million

Coronavirus Outbreak: Owners of Corona beer report losses worth $170 million

The losses have forced it to cut its chief executive’s bonus and forecast one of the steepest declines in its quarterly profits

By Newsd
Updated on :

The company that manufactures Corona beer is facing its worst quarter in 10 years following the coronavirus epidemic outbreak. Anheuser-Busch In Bev owns some of the world’s most top beer brands, some notable names include Budweiser, Stella Artois, Beck’s and Corona.

But in the last two months, since coronavirus has been spreading throughout China, the company has suffered a $170m  loss in of earnings in the country, at a time when they were expecting strong sales because of the lunar new year.

The losses have forced it to cut its chief executive’s bonus and forecast one of the steepest declines in its quarterly profits.

The company states the drop in profits is down to fewer people going out in public in China who avoid catching the deadly coronavirus. This has been taking a toll on nightlife, with many bars and restaurants being forced to close down.

CEO Carlos Brito issued a statement to media, He says, “Our business is all about going to restaurants, to nightlife, going out with friends, it’s really about to go back to normal, we’re preparing for the surge when things return to normal.

“As we look to the future, we are determined to lead growth through consumer-centricity, operational excellence and innovation.”

Briton added: “Our performance in 2019 has been not in par with our expectations but we are not satisfied with these results.”

The news so far comes in the same week Diageo, the world’s biggest spirits maker, had apprehensions that coronavirus might be spreading too far to soon and might knock off some valuable profits, profits worth as much as £200m this year.

The total number of people infected worldwide by coronavirus has now risen above 80,000 with 2,700 recorded deaths.

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