COPENHAGEN, Denmark (AP) — Danish brewer Carlsberg said Thursday its second quarter net profit dropped 7.3% to 2.9 billion kroner ($458 million) as all its markets were affected “to a greater or lesser extent” by the global coronavirus outbreak.

The Copenhagen-based brewer said it saw “a modest decline in western and eastern Europe, while the solid growth continued in Asia.”

“Recognizing that we’re faced with a new market reality, including changed consumer preferences and a reduced level of on-trade activity, we’re taking measures to adapt our business accordingly,” CEO Cees ’t Hart said.

“To mitigate the impact of weaker volumes and mix, we’ve reinforced our focus on costs, cash and liquidity,” he said.

Carlsberg said its second quarter revenue declined 14.6% and total sales volumes declined 7.8%.

After suspending its outlook for 2020 on April 2 due to the uncertainty caused by the pandemic, the brewer issued a new one, saying operating profit is expected to decline by 10 % to 15%.