May 6, 2020 / 11:17 PM / a month ago

BRIEF-Budweiser Brewing Company APAC Posts Q1 Normalised Loss Attributable $6 Mln

May 7 (Reuters) - Budweiser Brewing Company APAC Ltd :

* QTRLY TOTAL VOLUMES 12,772 THOUSAND HECTOLITRES VERSUS 22,116 THOUSAND HECTOLITRES

* QTRLY REVENUE $956 MILLION VERSUS $1606 MILLION

* BUSINESS WAS STRONGLY AFFECTED BY COVID-19 PANDEMIC DURING Q1 2020

* Q1 NORMALISED LOSS ATTRIBUTABLE $6 MILLION VERSUS PROFIT OF $259 MILLION

* ADDITIONAL COST INITIATIVES STARTED TO TAKE EFFECT MAINLY IN MARCH & EXPECTED TO CONTINUE IN Q2 2020

* SINCE MID-MARCH, BUSINESS IMPROVING CONSISTENTLY WEEK-OVER-WEEK, DRIVEN BY RECOVERY IN CHINA & SOUTH KOREA

* BELIEVE THAT LONG-TERM GROWTH POTENTIAL OF ASIA PACIFIC REGION REMAINS STRUCTURALLY INTACT

* “STARTING IN MARCH, WE HAVE OBSERVED AN ENCOURAGING TREND OF BUSINESS RECOVERY”

* IN CHINA, ESTIMATE VOLUMES DECLINED BY ABOUT 17% IN APRIL 2020

* RE-OPENED ALL OF OUR BREWERIES IN CHINA

* IN INDIA, RECEIVED PERMITS TO RESUME OPERATIONS AT MAJORITY OF BREWERIES

* IN VIETNAM & OTHER SOUTH EAST ASIA MARKETS, PANDEMIC’S IMPACT EXPECTED TO BE MORE SIGNIFICANT IN 2Q20

* IN SOUTH KOREA, IN APRIL, CO CONTINUED TO OBSERVE ENCOURAGING TREND OF BUSINESS RECOVERY Source text for Eikon: Further company coverage:

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