THERE is an accidental victim to the coronavirus spread in the word-a beer brand.
Anheuser-Busch In Bev, commonly known as AB InBev, which owns ‘Corona beer’ is facing its worst quarter in 10 years following the virus 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.
Normally, the company reports strong sales because of the lunar new year. But things changed for worse this year.
The losses have forced it to cut its chief executive’s bonus and forecast one of the steepest declines in its quarterly profits.
“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,” said CEO Carlos Brito.
The company revealed that performance in 2019 was below expectations, and was not satisfied with these results.
Grupo Modelo, Mexico’s leading brewer, had owned Corona brand till June 2013.
Then it was acquired by Anheuser-Busch In Bev, a multinational drink and brewing company based in Leuven, Belgium.
The company owns some of the world’s most famous beer brands, including Budweiser, Stella Artois, Beck’s and Corona.
However, the US brand rights of corona beer are with its competitor Constellation Brands.