It's all about the name: Corona beer loses millions due to coronavirus

The company that owns Corona beer, after an outbreak of coronavirus, faces the worst quarter in 10 years. It is reported Independent.

Photo: Shutterstock

Anheuser-Busch In Bev International Brewery owns some of the world's most famous beer brands, including Budweiser, Stella Artois, Beck's and Corona. But over the past two months, when the coronavirus spread throughout China, a company in that country lost $ 170 million in revenue, while it expected high sales due to the lunar New Year.

Due to losses, it was necessary to reduce the management premium and forecast one of the sharpest reductions in its quarterly profit.

The company believes that the drop in profits is due to the fact that in China, far fewer people go outside to avoid being infected with coronavirus. All this affects the nightlife, which is why many bars and restaurants are forced to close.

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CEO Carlos Brito told CNBC: “Our business is going to restaurants, going to nightclubs, going out with friends, everything is really going back to normal. We are preparing for growth when everything recovers.”

Brito added: “Our results in 2019 were below our expectations, and we are not satisfied with these results.”

The spread of coronavirus has now reached a "crucial point," said the head World Health Organizationcalling on governments to take “aggressive” measures to prevent this.

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“Every country must be prepared for its first case, its first cluster, its first case of community transmission, and to deal with a long-term community epidemic. And it must prepare for all these scenarios at the same time,” said Tedros Adhanom Ghebreyesh.

The total number of people infected with coronavirus worldwide has now exceeded 80 with 000 reported deaths.

Read the latest news and everything you need to know about the outbreak of a new coronavirus from China. ForumDaily special project “Chinese Coronavirus”.

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