AB InBev books disappointing first quarter

In the first three months of this year, Belgium-based brewing giant AB InBev performed below analysts' expectations, according to quarterly figures. The company is especially struggling in Brazil due to a severe recession there, but is also losing market share in Belgium, report various international media.

Turnover in the first quarter of 2016 rose by 3.1% to $9.4 billion (€8.2 billion), while analysts had expected a rise of 6.1%. The brewer posted net profit of $844 million (€735 million) for the quarter, compared with $2.29 billion (nearly €2 billion) a year earlier.

The brewer also sold less beer in 2016, with volumes falling by 1.7%. The shares fell by as much as 4.6% in Brussels.

The company is calling it "one of the most challenging quarters for many years”, citing loss of market share in Brazil and currency effects for the disappointing first quarter.