International brewing firm Anheuser-Busch InBev (AB InBev) has announced that it lost profits of nearly $170m (EBITDA) in the first two months of 2020 as a result of coronavirus, or COVID-19, outbreak in China.

The demand for the company’s alcoholic beverage products in China has declined significantly resulting in a revenue loss of nearly $285m during the time.

AB InBev says that the COVID-19 virus outbreak has impacted the demand in both on-premise and in-home channels in China.

The company added that the virus outbreak during the Chinese New Year period has further impacted on the demand for its beverage products.

The announcement was made by the company in its fourth-quarter and full-year 2019 results release.

AB InBev adds that profits also declined by 10% in the Brazilian market in the first quarter due to COVID-19.

The company, in a statement, said its performance in 2019 was below its expectations, and the results are not satisfying:

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“As the world’s leading brewer, our commitment to grow the beer category is unwavering. We will use the learnings from 2019 to better position ourselves to deliver long-term sustainable top and bottom-line growth. We are a company of owners, who take results personally.

“As we look to the future, we are determined to lead growth through consumer-centricity, operational excellence and innovation. We have a unique opportunity to build a stronger business which is more connected than ever to our consumers and customers, leveraging our assets to create lasting value.”

Death toll due to COVID-19 has increased to more than 2,850 globally.

The COVID-19 death toll has increased to more than 2,850, as of the end of 27 February. The total number of infections has risen to around 83,300, with around 78,000 infections in Mainland China. Recoveries around the world have crossed 36,000.