Brewing giant behind Corona faces financial fallout from coronavirus

Anheuser-Busch InBev, the brewing giant behind, among other major brands, Corona, has warned over the steepest decline in quarterly profit for at least a decade after coronavirus cost it some $170 million (£132m) in lost profit.

The biggest beer maker in the world has a vast portfolio that includes Budweiser, Stella Artois and Corona. Picture: Phil Wilkinson

The world’s biggest beer maker, whose vast global portfolio also contains Budweiser and Stella Artois, forecast first-quarter earnings will tumble by about 10 per cent after the virus outbreak saw demand slump in China as it also coincided with the Chinese New Year.

AB InBev, which is headquartered in Belgium, outlined the potential earnings hit after seeing around $285m of lost sales in the first two months of 2020 alone due to coronavirus.

The 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.

The biggest beer maker in the world has a vast portfolio that includes Budweiser, Stella Artois and Corona. Picture: Shutterstock

"Additionally, demand during the Chinese New Year was lower than in previous years as it coincided with the beginning of this outbreak."

Its warning comes amid a swathe of company alerts over the impact of the virus on demand and supply, with Microsoft also adding to the growing list.