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Budweiser Brewing Shares Fall After First-Half Profit Drop

Provided by Dow Jones

Aug 3, 2023 3:17am

By Yifan Wang

Budweiser Brewing Co. APAC shares fell Thursday morning after the beer maker reported a first-half profit decline.

The stock dropped as much as 7.2% and was last down 5.2% at 17.30 Hong Kong dollars (US$2.22).

The selloff came after Budweiser said Thursday that first-half net profit fell 8% from a year earlier, dragged by higher costs and tax expenses.

The company also said the second quarter was "a challenging quarter" for its South Korea business, as sales fell due to a tough comparison base.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

August 02, 2023 23:17 ET (03:17 GMT)

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