French beverage producer Pernod Ricard fears his profits will be hit hard this year by the consequences of the corona crisis. The outbreak was severely affected in China, while sales to tourists have also plummeted due to travel restrictions to contain the virus.

The owner of Absolut vodka, Jameson whiskey and Martell cognac thinks his profit will drop by 20 percent this year. Earlier, a higher profit was expected.

“The market conditions have deteriorated very much as a result of the coronavirus outbreak. We are pleased to see a gradual recovery in China, thanks to strong measures to combat the disease. We cannot yet predict its length and impact, but we remain confident in our strategy, “said CEO Alexandre Ricard of the company.

To get through the crisis, the company will cut costs. In addition, Pernod Ricard is donating pure alcohol for use in handles to help combat deficits.

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