Hong Kong-listed Budweiser Down 2% on Weak Earnings Report

Investing.com – Budweiser Brewing Company (HK:), Hong Kong’s biggest IPO in 2019, saw its share prices down 2% on Friday in Asia after reporting lower profits in the third quarter.

In its first earnings report since it went public in September, Budweiser announced that its profits fell 22% in the third quarter. Volumes dropped 6.5% during the quarter due to “softness“ in its nightlife channel in China.

Hong Kong’s economy has been hit by anti-government protests and civil unrest this year, while the ongoing U.S.-China trade war also weighed.

“We are confident that our strong commercial plans, unparalleled brand portfolio, robust route-to-market and, most importantly, our talented people, position us well to deliver long-term sustainable growth in Asia-Pacific,” the company’s chief executive Jan Craps said.

Budweiser’s share prices were down 2.0% at HK$29.900 as of 1:14 AM ET (05:14 GMT).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.