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Investing.com - Budweiser Brewing Company (HK:1876), 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).
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