Budweiser Brewing sinks to 5-week low as 9-month revenue drops

China Resources Beer Holdings

31/10/2024 03:47

** Budweiser Brewing Company APAC  1876.HK  falls 2.3% to
HK$8.07, lowest since Sept. 24
    ** Stock set for the biggest one-day pct fall since Oct. 16
    ** Brewer's 9-month rev slips 6.1% y/y to $5.1 bln, 9-month
net profit drops to $742 mln from $875 mln a year ago and total
volumes slide 8.1% y/y
    ** The subsidiary of Anheuser-Busch InBev  ABI.BR  says Q3
total volumes and revenue down by 11.4% and 9.4%, respectively,
impacted by its performance in China and partially offset by
APAC East's strong performance
    ** Rivals China Resources Beer  0291.HK  climbs 0.3% and
Tsingtao Brewery  0168.HK  gains 0.5%
    ** Stock down 43.5% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))