Corona beer loses £132m revenue due to coronavirus outbreak

The mother company of Corona beer Anheuser-Busch In Bev witnesses the worst business flow in the last 10 years for the massive outbreak of coronavirus.

The company is shoved up with losing revenue of £132m when they were expecting strong sales with the view of upcoming lunar year, reports The Independent. This setback was caused because of the lockdown in China for coronavirus epidemic.

The losses went to such extent to cut down the bonus of chief executive while forecasting one of the steepest declines in its quarterly profits.

The company believes the decline happened because of Chinese people avoiding public gathering in fear of getting affected by coronavirus. This crisis is ultimately cutting down their recreation which included night life in the bars and restaurants. 

CEO Carlos Brito told in an interview with CNBC, "Our performance in 2019 was below our expectations, and we are not satisfied with these results."