Brewing giant Heineken expects to make a net loss of €300m on its second quarter of the year, after slashing the value of its assets by €550m in the coronavirus pandemic, reports the Financieel Dagblad.

It has seen its takings fall by 16.4% in the first half of the year, selling 11.5% less beer and for a lower price.

After a deep point in April, when bars, restaurants and cafés were closed internationally due to coronavirus restrictions, the firm has seen some recovery in the past month. However, its sales were reportedly most affected in the Americas, Africa, the Middle East and eastern Europe. Only sales of its non-alcoholic Heineken 0.0 beer grew.

Last year the brewer, which also owns the brands Amstel, Tiger and Moretti, reported a profit of €2.5bn and it was expecting sales to increase before the international coronavirus lockdowns, according to the Parool. It will make a full report of its figures on August 3.