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Heineken profit plunges as lockdowns pummel sales
[AMSTERDAM] Heineken, the world's second-largest brewer, reported a 53 per cent decline in first-half earnings as lockdowns decimated sales to bars and restaurants.
Net income plunged 76 per cent as the company took a 550 million-euro (S$873.2 million) asset impairment charge, Heineken said Thursday as it published unscheduled preliminary results. The stock fell as much as 5.9 per cent.
Revenue fell 16 per cent.
Brewers around the world are struggling as governments consider further restrictions on bars and restaurants to reduce agglomerations of people that could fuel the spread of the coronavirus.