Coronavirus: Corona Beer Recognizes Losses of 147 Million Euros
Growing concern about coronavirus caused a drop in sales of Corona beer with losses of 147 million euros, CEO has confirmed.
It is no secret that fears of the coronavirus epidemic (COVID-19) are shaking the world economy. For its part, the Corona beer brand has already lost 147 million euros in revenue. So admitted the CEO of the Anheuser-Busch In Bev group’s beer brand. The group added that Corona is facing its worst financial quarter in a decade.
Demand fell sharply with a loss of some £132 million (€147 million). This is mainly due to falling demand in China, where the coronavirus started. The company expected that with the arrival of the Chinese lunar new year, demand would increase. However, the measures taken to deal with the coronavirus forced people to socialize and go out less and to close bars.
Corona’s losses forced the company to cut its chief executive’s bonus. CEO Carlos Brito told CNBC, “Our business is about going out to restaurants. About nightlife, about going out with friends. It’s about getting back to normal, we’re getting ready to come out when everything gets back to normal.”
Brito added that the 2019 performance was not the best, “Our performance in 2019 was less than expected, and we are not satisfied with those results.”
Other companies affected by the coronavirus
Other companies than Anheuser Busch have stated being affected by the pandemic. Diageo, announced last week, that shareholders that the outbreak could reduce their profits to a level of £200 million this year.
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