AB InBev, the world’s largest brewer, has forecast the steepest decline in quarterly profit in at least five years due to the coronavirus.

Profits in Q1 are expected to drop about 10% after Q4 profit declined more than analysts estimated.

AB InBev blamed the biggest jump in raw material costs in a decade for last year’s performance, and said it was a disappointment for the company.

The coronavirus will further dent the company’s business in China, where shipments had already started to slow at the end of last year.

In October, the company cut its forecast from strong to moderate profit growth, wiping out $20bn (£15.48m) in market value in a single day.

The Budweiser maker has reopened over half of its 33 breweries in China and has obtained licenses from the government to restart the remainder of them other than its Wuhan facility.

The brewer is reallocating the distribution of its beers from nightlife venues, its most profitable points of sale in China, to retail outlets such as e-commerce.

EBITDA fell 5.5% in Q4, the brewer said, after analysts expected a drop of 1.9%.