Czech brewer Budvar’s 2022 net profit is 40% down due to Russia’s war in Ukraine and high inflation

PRAGUE (AP) — The Czech brewer Budvar, which has been embroiled in a long legal dispute with U.S. beer giant Anheuser-Busch over the use of the Budweiser brand, has registered a fall in its 2022 net profit and exports. The company says it’s due to Russia’s war in Ukraine and high inflation driven by soaring energy prices. Budejovicky Budvar NP, a 127-year-old state-owned brewery, says its net profit in 20222 reached almost 201 million Czech crowns, or about $9.3 million. That’s more than 40% down from the previous year. Exports were down by 4%. Budvar halted exports to Russia and Belarus following Russia’s full-scale invasion of Ukraine, which started in February last year.