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Heineken profit plunges as lockdowns pummel sales at bars

Brewer reports 53% decline in first-half earnings.
Unassembled Heineken beer bottle packing boxes sit stacked at the Heineken brewery in Zoeterwoude, Netherlands. Image: Jasper Juinen/Bloomberg

Heineken, the world’s second-largest brewer, reported a 53% decline in first-half earnings as lockdowns decimated sales to bars and restaurants.

Net income plunged 76% as the company took a 550 million-euro ($630 million) asset impairment charge, Heineken said Thursday as it published unscheduled preliminary results. The stock fell as much as 5.9%.

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.

Revenue fell 16% on an organic basis.

© 2020 Bloomberg

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