Budweiser’s Asia Unit Posts Loss After Virus Shut China Bars
- AB InBev’s Asia unit sees 40% drop in revenue for quarter
- Prospects may improve as bars, restaurants in China reopen
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The Asia-Pacific beer unit of Anheuser-Busch InBev NV posted a quarterly loss as strict lockdown measures kept restaurants and bars shut through February and March in China.
Budweiser Brewing Co. APAC Ltd. posted a loss of $41 million for the March quarter, compared with a profit of $240 million in the same period last year, according to a company filing Thursday. Revenue dropped 40% to $956 million while normalized earnings before interest, tax, depreciation and amortization slipped 69% to $171 million.