May 7, 2020 / 10:08 AM / 19 days ago

Brazil's Ambev posts 56% plunge in Q1 profit as coronavirus hits sales

SAO PAULO, May 7 (Reuters) - Brazilian beverages firm Ambev SA on Thursday posted a 55.9% year-on-year plunge in first-quarter net profit, lagging way behind analysts’ estimates, as the coronavirus outbreak hit sales volumes and financial expenses more than doubled.

The Latin American and Canadian unit of Anheuser Busch InBev said net income reached 1.211 billion reais ($211.94 million), well below a consensus estimate of 2.503 billion reais ($438 million) compiled by Refinitiv.

$1 = 5.7140 reais Reporting by Gabriela Mello; Editing by Jan Harvey

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