(Yicai Global) Feb. 27 -- Budweiser Brewing Co. APAC has forecast that the Covid-19 coronavirus outbreak will cost the beer maker USD285 million in sales throughout January and February.

The epidemic has shut down restaurants and nightclubs and this has affected beer consumption, the Hong Kong-based firm said in its financial report for 2019. It forecasts its earnings before interest, tax, depreciation and amortization will fall by USD170 million annually in the first two months.

Budweiser APAC's normalized profit attributable to equity holders dropped from USD1.012 billion in fiscal year 18 to USD994 million in fiscal year 2019.

Shares in the company [HKG:1876] were down 2.06 percent at HKD23.80 (USD3.05) as of 3.35 p.m.

Budweiser APAC's revenue was USD6.55 billion last year, up 1.8 percent from 2018 but down 2.9 percent considering exchange rates, according to the report. Profit fell to USD994 million from USD1 billion, while sales volume fell 3 percent amid greater competition in South Korea and fewer consumption channels in China in the second half of last year, it added.

Chinese rival Tsingtao Brewery, whose Tsingtao beer is one of the world's most sold by volume, posted CNY24.9 billion (USD3.6 billion) for the first three quarters of last year, up 5.3 percent annually.

Editor: James Boynton