Budweiser Brewing Company APAC's (1876) net profit for the first half of this year fell nearly 70 percent to US$185 million (HK$1.44 billion), while its mainland business improved in the second quarter.
Earnings per share were 1.4 US cents and the company declared no interim dividend. The beer maker's revenue fell 23.5 percent from a year ago to US$2.58 billion.
The second-quarter net profit was US$226 million, a 38 percent year-on-year drop.
Jan Craps, co-chair and chief executive of Budweiser APAC, said the company recorded mid-single digits sales growth in China during May and June and saw the highest monthly sales volume in the market last month.
However, the business recovery in the mainland market could not offset the drops in revenue and profits amid the pandemic, said Craps.