The Hong Kong arm of the San Miguel brewery recorded a net loss of HK$16.1 million during 2015, according to information sent by the company to the Hong Kong Stock Exchange. In the previous year, San Miguel Hong Kong reported a net profit of HK$35.3 million. ‘Overall sales volume of the Company in the territory declined by 17 per cent, mainly because of the slow demand in the on-premise sales channel partly due to lower tourist arrivals and the non-renewal of distribution agreements with Anheuser-Busch InBev China Sales Company Limited and Anheuser-Busch InBev International GmbH & Co KG in 2014’, the company explained. Anheuser-Busch InBev China and Anheuser-Busch InBev International GmbH & Co. KG represent such popular beer brands as Budweiser, Corona and Stella Artois. The results are not a surprise as in the previous month the company had issued a profit warning advising investors and shareholders that the company would post negative results.
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