Brazil turmoil costs AB Inbev in quarterly results
BRUSSELS (AP) — The world's biggest brewer, AB Inbev, says economic and political turmoil in Brazil hit its quarterly earnings, with sales volumes declining by 10 percent in the huge Latin American nation.
The company said "our business in Brazil experienced one of its most challenging quarters in many years," and added that "we expect the economy to remain challenging" for the rest of the year.
Sales volumes overall declined by 1.4 percent. Revenue dropped to $9.40 billion in the first quarter from $10.45 billion in the same period of last year.
The company, which makes Budweiser, Stella Artois and Corona among other brands, said results were also affected by pre-funding for the takeover of rival SAB Miller, which it still expects to be completed in the second half of the year.
