World’s largest beer-maker Anheuser-Busch InBev reported a decline in profit in the first quarter as coronavirus restrictions curbed drinking and said the second quarter would be “materially worse.”

The brewer of Budweiser, Corona and Stella Artois has already withdrawn its guidance for 2020 due to the COVID-19 pandemic — which has closed bars and restaurants —and proposed to halve its final 2019 dividend.

First quarter core profit (earnings before interest, tax, depreciation and amortization, or ebitda) came in at $3.95 billion, down 13.7 percent from a year earlier

Share were basically flat in early-afternoon trading, at $43.